This article primarily talks about the expansion in current United States economy and the uncertainty that is accompanying it. The major cause of expansion, recently, has been technology. The article confronts some of the fears that people with moderately high incomes have in the modern economy. The anxiety and uncertainty is pertaining to technology taking over jobs. For example, a college professor (tenured or not) has job uncertainty due to massive online course tradition. Computerized legal research tools are diminishing demand for lawyers and legal workers.
The article argues that even though consumer confidence indices have been increasing, that does not take into account the long run. In light of the article, the technological boom is expected to cause profits only for the elite rich.
http://www.nytimes.com/2015/02/08/upshot/anxiety-and-interest-rates-how-uncertainty-is-weighing-on-us.html?ref=economy&abt=0002&abg=1
2 comments:
It is very often, in my opinion, that great leaps in technology both hurt the middle and lower class and increase the gap between the upper and middle classes. Not only can the rich afford to use, maintain, and profit from it before many people in other classes can, technology has a history of destroying industries. As technology continues to advance the need for human labor continues to decrease leaving unemployed lower class or under educated individuals behind.
I agree that technology advancement significantly increases the elite and rich profits. While it reduces the need for labor so there is increased unemployment but this advancement also makes the economy more efficient as it introduces more efficient methods of production
Post a Comment