Technology, Inequality, and Real Estate

[Jon Q.]

Please post your thoughts on the following quote:

"At a recent conference, rising inequality, new technology that replaces jobs, or neuroscience, or other new developments that could be disruptive to our way of life were discussed.

Consumer confidence indices tend to focus mostly on the next six months to a year, as if that dominated people's thought. But much bigger worries abound about coming decades, about the rest of our lives and of our children's lives.

It may seem paradoxical to some, but these increasing long-term fears may boost prices of stocks, bonds, and real estate to high levels while at the same time making the economic recovery anemic."

[Frank Jiang]

Luddite Fallacy.

Technology does not eliminate jobs, it creates them or changes the composition.  Technology increases overall productivity.  Loss of jobs that you hear about relating to technology advances is only anecdotal.