First World Problems
The Economist today had a fantastic article entitled “Technology Isn’t Working”. The thesis of the article is that technology is not following through on its promise of job creation and economic growth, instead resulting in stagnation over the last 30-40 years.
I completely agree and believe it is a primary driver for why we are seeing rampant income disparity and record low workforce participation as well as an increasingly dour outlook for the middle class. Let’s look at the sociological as well as economic reasons for this situation.
The historical assumption of economic growth regarding technology is that a new invention, especially those increasing efficiency, will create more jobs than it destroys. Think about the light bulb. It decimated the candlestick industry. But it created a massive industry of its own right. New factories, fresh marketing, and massive research...
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