Does capitalism, with its accompanying technological disruptions, create more jobs than it destroys? Conventional wisdom says unequivocally “yes.” Each new wave of innovation eventually brings new jobs in number and value far greater than those it displaces. Telegraph readers become…
Porn is free. Accelerating advances in communications technology combined with changing social norms have transformed the market for pornography, leading to the sudden collapse of business models that just a few years ago were generating tens of billions in revenue.…
Where have you read this before: The physical economy is anemic, struggling, biased toward inflation, and shrinking in many developed countries. Almost everything we do in the physical economy is paid for with money. We use dollars to measure most…
Since the day someone invented a mechanical loom 400 years ago, pessimists have been claiming that technology will destroy jobs. The reality is far more complex. Technology destroys jobs while creating others that no one anticipated or imagined. In our…
We often hear that incomes at the middle and lower tiers have been stagnant since the 70’s. It is true, but that statistic misses some important nuances. We can measure incomes and compare them to an inflation rate, but that…
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