This is studied by economists! "Growth is slowing down at the same time as we’re spending ever more money on research and development. So what that tells us is it’s just taking more and more dollars of R&D to increase growth, or to increase output, to keep growth at a reasonable rate. And the only way to tie these together is it’s just getting harder and harder to find new ideas."

https://freakonomics.com/podcast/no-new-ideas/