Why has median income stopped rising in the US? Why is the share of population that is working falling so rapidly? Why are our economy and society are becoming more unequal?
A popular explanation for these questions is technological stagnation (not enough inventions that bring progress). But the other explanation is that there is no stagnation. Recent innovations are science fiction material: robots driving cars in traffic, and translating between languages. Digital technologies are quickly displacing human labor in many fields. The consequence of all this is a larger economy and lower prices. But the median worker is not better off since they have less to offer the job market. It is a better time to be a skilled entrepreneur.
Originally published at https://unearnedwisdom.com.
