Monday, June 12, 2017

Technological Change Explains Everything Except...

The other point of this post is that economists have long been enamored with explaining rising inequality by attributing it to technological change or "skill-biased technological change" which just means that technology has made smart people earn more money so whatchagonnado. Of course technological change is just "the change that can't be explained by anything else we were looking at" most of the time. So what if we had reverse "skill-biased" (in quotes, because I don't think the Trumps Jr have many skills) technological change which rewarded the truck drivers and secretaries and burger flippers of the world somehow at the expense of the overclass? I suspect many would not be happy, even if it was indisputably due to the magic technology box the benevolent alien (me!) provided.