Past global economic expansions, especially the really robust ones, have tended to bring a sharp upswing in corporate investment in new machines, factories and technologies.

The latest expansion is showing no such boom. Economists and policy makers on both sides of the Atlantic point to lackluster long-term investment to explain paltry productivity gains and meek economic growth.

But many economists say the trend may not be as alarming as it looks. Data showing weak corporate investment, they argue, fail to capture powerful new trends in technology and business practices. They also say the nature of production has changed: Technology and connectivity are making machines more efficient. Software and data processing also are reducing the need for traditional capital-goods equipment.

“Digitalization has prompted a huge shift toward greater flexibility and speed,” said Rainer Hundsdörfer, chairman of EBM-Papst Group, a German company that makes electric motors and fans.

Businesses have increased expenditures on intangible assets, such as research, skills and patents, which aren’t fully reflected in all the official statistics, economists say. A recent Federal Reserve paper noted another force depressing investment growth, especially in IT equipment and software: price trends have increasingly failed to capture quality gains in high-tech equipment.