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http://finance.yahoo.com/news/robert-shiller-identifies-surprising-source-000000168.html
http://finance.yahoo.com/news/robert-shiller-identifies-surprising-source-000000168.html
Most of the major economic gains throughout US history were led by expansion. The industrial revolution, the roaring 20's, the infrastructure of the New Deal, building America after WW2 and even the suburban boomer flight.
All of these involved making things bigger and expanding.
Most of the innovation and economic gain going forward is going to do so the opposite. It is going to make industries smaller, faster, more agile and efficient. You see this with Uber owning no cars or Amazon owning no stores. The next innovations in energy won't need as much of a supply chain. The list goes on and on.
The goal of technology is to do more with less, reduce inputs and expand outputs. To disrupt is to make something smaller.
So it is definitely something that needs to be grappled with and plays a major role in a lot of the economic angst we're seeing.
All of these involved making things bigger and expanding.
Most of the innovation and economic gain going forward is going to do so the opposite. It is going to make industries smaller, faster, more agile and efficient. You see this with Uber owning no cars or Amazon owning no stores. The next innovations in energy won't need as much of a supply chain. The list goes on and on.
The goal of technology is to do more with less, reduce inputs and expand outputs. To disrupt is to make something smaller.
So it is definitely something that needs to be grappled with and plays a major role in a lot of the economic angst we're seeing.
I still think it is wrong to classify it as an issue of inequality though. More just stagnation, enough isn't happening to replace the disruptions or expand the economy. Why GDP growth as a metric seems flawed sometimes because it relies more on cheap population gains and activity rather than true breakthroughs in the standard of living.
And also very skeptical of describing technology as happening at a breakneck speed or somehow leading to a dystopian view of the future, when it is more likely that enough isn't happening as the reason for these problems.
And also very skeptical of describing technology as happening at a breakneck speed or somehow leading to a dystopian view of the future, when it is more likely that enough isn't happening as the reason for these problems.
