Today let’s revisit the slowdown in technological progress. The first post about this — 5 years ago — was wildly controversal. Now it is so uncontroversial that even the Chairman of the Fed can discuss it.
“Economic Prospects for the Long Run“ By Ben S. Bernanke, Chairman of the Fed Speech at Bard College, 18 May 2013 — Excerpt:Fabius Maximus
Ben Bernanke sees the great slowdown in technological progress
That clinches it. I now feel confident in predicting that we are on the threshold of major technological advances that will transform civilization.
The great and powerful usually come around to a position just in time to be completely wrong. Bernanke is no different.
ReplyDeleteThey forgot to mention that we now have better bread and beer, but no one ever wants to give the hippies credit for anything. I notice that the ready excuse for wage stagnation/unemployment is also extremely supple. So which is it, today, "structural unemployment" (the laggards aren't keeping up) or "innovation flatline" (no new industries for the laggards who couldn't keep up)?
ReplyDeleteOne reason neoliberals are so invested in the new end of progress and/or dawn of the robots memes is because it gives them an excuse for not investing in government-lead development and public enterprise, and a justification for tolerating persistent unemployment.
ReplyDeleteDavid,
ReplyDeleteIve heard BB assert that the problem is that the workforce is not educated in the correct skills for the current situation...
Indicated that if folks had the correct skills they could all get jobs...
He is a complete mathematical moron...
rsp,
Right, the inference is that since well-educated people get the jobs (they don't actually, there are plenty of highly qualified people out of work or underemployed), the problem is that people without jobs need to upgrade knowledge and skill. Of course, the inference is false without counting the number of people and number and types of jobs available.
ReplyDeleteHello, it's cyclical on one hand, and on the other, as a net importer the US is also importing embedded foreign labor, which is the same as opening the gate to immigrants willing to accept a lower wage and living standard.
At this person is at the apex of the command economy?
What friggin "skills"does Ben Bernanke or any of these elite bankers have?
ReplyDeleteIts amazing how they just "know" that the workers dont have the skills. Tell us Ben what skills do we need to learn? Im sure your corporate buddies have a list of jobs theyve created if only someone had the skill to do them.
We are supposed to believe that there are all these things which our business leaders have waiting in the wings to do, things to change the world and begin a new revolution, but we just dont have an educated enough workforce to actually do them yet?
Is there something, which has already been created, that has a very large notional market but we just dont have A) the bodies or B) the raw materials to get it to everyone who would pay for it and use it.?
Tell us, what is it?
I was told the other day that Pennsylvania state universities have 12,000 kids graduating in teaching degrees and only 3,000 job openings in the schools next year...
ReplyDeleteSo this is stupid.
But BB can perhaps hide his stupidity behind this stupidity...
But real the problem is we need more balances applied to education for salaries of the teachers and then they could employ all 12,000 graduates and perhaps even some older teachers could retire earlier...
But moron BB thinks "the coin" which is LEGAL is illegal so "we're out of money!" and cant hire the new teaching graduates because the school systems dont have the USD balances available to pay them...
ie morons in control...
rsp,