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One thing this article is missing is that lots of technology innovation is deflationary. As The Great Stagnation points out, lots of people are substituting $1
by byrneseyeview 15y ago
One thing this article is missing is that lots of technology innovation is deflationary. As The Great Stagnation points out, lots of people are substituting $1 plus two hours of Farmville for a movie (and dinner out, and gas to get there). As more forms of entertainment and social status are available to the unemployed, the pressure to get a job lessens. You may not be employee of the month or drive a nice car, but if you have lots of free time you can get a pretty good mount without affecting GDP.
There's an assumption that a growing middle class with an increasing standard of living is the norm. From what I can see, it's been the norm for a pretty short period, in a pretty small part of the world. There are plenty of reasons to think that the New Deal plus the GI Bill plus the Great Moderation was just a weird, aberrant part of human history.
- nostrademons 15y agoWould you consider a growing middle class with an increasing standard of living to be desirable, though? If it's a good thing, then it doesn't matter whether it's been the historical norm, we should work toward it.
- byrneseyeview 15y agoNot especially. I prefer one more Zuck or Gates or Jobs to a million more middle-class whoevers.
- nostrademons 15y agoInteresting. I think that in terms of creating a just society (which I do consider to be "good"), I'd much rather have a million more middle-class whoevers. There's no real way to resolve disagreements on questions of "oughts", though, so I think we just have to agree to disagree.
- jleyank 15y agoFail. The whoevers pay most of the taxes in the US and are the ones who purchase your products. One "killer elite" just isn't making that much $$ for Facebook, Google, ...
- ams6110 15y agoActually the well-off pay most of the taxes. And Zuck would not have what he has without the company he built, and I'd reckon that pretty much every employee at Facebook is at least earning what would be considered comfortable middle-class money.
- jleyank 15y agoMiddle-class < well-off <<< Gates et al. I can concede the "who pays the taxes" point to a good argument. I think we're in general agreement that the unwashed or partially-washed masses purchase a whole lot more stuff from high-tech companies that the aforementioned luminaries. Unless there's way more HN companies making carbon-fiber racing yachts that I'm aware of.
- MaysonL 15y agoHN & G+ == more entertaining and lots cheaper than cable.
- ippisl 15y agoAs much as i like you vision , there are a few problems with it: 1. The basics: housing , transportation , healthcare ,education haven't become much cheaper. And i think it's mostly a question of regulation and politics(big politics or industry power plays), not technology. 2. You gotta to have some money. part time work could be ok, total unemployment is a problem.