[ExI] Middle Class Doomed?
kellycoinguy at gmail.com
Mon Sep 30 13:29:34 UTC 2013
I just found an August 2013 New York Times article entitled
How Technology Wrecks the Middle Class
I believe that incomes almost always follow a power curve, with a few
people making a lot of money, and a lot of people making a little bit of
money. The best one can hope for is that the curve isn't too "corner
hugging" and that there is a robust middle class. That seems like pretty
simple economics to me.
The question that this article brings up is whether technological progress
itself dooms the middle class to types of jobs that are either highly
creative and highly profitable, or to types of jobs that are service
oriented, and low paying.
I am curious if you agree or disagree with the premise of the article, if
so why, and whether other forces might be at play beyond technological
improvements that make "the rich richer, the poor poorer", which is another
way of saying that the curve above is too "corner hugging".
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