Do they really think anyone buys these headlines? We’ve been reporting on business and economics for our entire existence, but this one is a real stumper. 🤦🏻
A lot of people have observed in the past that there’s always a new field of work, whenever an old one gets automated/replaced by some cheaper method of doing it.
That growth has driven demand for human labor ever since, and higher demand for labor means higher wages (since the labor market is a free market - supply and demand). Now that growth seems to be slowing down, and that makes the demand for human labor slow down, and that depresses wages. That is what people are observing now.
People are surprised because they wrongly assumed that growth would continue to be an exponential curve forever. It is not, however, it is probably closer to being a sigmoid curve.
Do they really think anyone buys these headlines? We’ve been reporting on business and economics for our entire existence, but this one is a real stumper. 🤦🏻
A LOT of people actually buy those, and this is scary.
A lot of people have observed in the past that there’s always a new field of work, whenever an old one gets automated/replaced by some cheaper method of doing it.
That growth has driven demand for human labor ever since, and higher demand for labor means higher wages (since the labor market is a free market - supply and demand). Now that growth seems to be slowing down, and that makes the demand for human labor slow down, and that depresses wages. That is what people are observing now.
People are surprised because they wrongly assumed that growth would continue to be an exponential curve forever. It is not, however, it is probably closer to being a sigmoid curve.