Instagram/Square/Yelp/etc are freeing white collar workers to quit their jobs and start new businesses. The businesses add jobs directly, and the quitting creat

Instagram/Square/Yelp/etc are freeing white collar workers to quit their jobs and start new businesses. The businesses add jobs directly, and the quitting creates a vacuum that causes increased job supply at their old wage and below. AI will accelerate this massively, much faster than automation can take jobs away. Long term it will lead to a crash in the highest paying jobs, as the market is flooded with workers who have management and tactical experience. Rather than a big spread between $10k-$1m, we’ll see a huge cluster of workers around $100k.