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RE: In The Future...A Lot Less Banksters....Near Future According To Deutsche Bank’s CEO
Before computers were invented and became mainstream there were absolutely NO jobs in that kind of technology. Now there are millions. All innovation needs to do is create a similar kind of revolution and the worry you have about the lack of jobs becomes groundless. But I do appreciate your concerns. The world has yet to see something as powerful as the home computer technological revolution... The same thing happened with the printing press... it created millions of new jobs in the future... when it started off as just a simple technology.
It took over 30 years from the invention of the computer and the development of the PCs. Hence it took 40 years before the millions of jobs were created.
We arent talking 40 years...we are talking 5-10...and this is just the banking sector...what about real estate....legal...accounting....all of which are under attack right now with job loss.
That is why I raise the concerns...the speed of automation is nothing we have ever seen.
You are correct. The speed of automation is unprecedented... But also consider the humble pin. Before a machine was invented that allowed mass manufacture of pins, clothing making was very expensive and needles especially were very dear. But after the pin machine was invented it completely revolutionized clothing manufacturing.... I'm just saying, it's entirely possible that an invention is already in the works that will revolutionize an industry like the pin did for clothing manufacturing, and the personal computer did. But I agree... it's a concern and something to keep one's eye on.
Absolutely the technologies coming down the road are making things a lot cheaper if not zero cost. We saw this in the music and film industries. However, look at the number of people employed at Netflix compared to those that were employed by Blockbuster etal. I believe it will be less costly to live down the road since many industries, if they havent already deflated in terms of their pricing, will. However, we already see the beginning stages of the corporation of tomorrow. Google is moving towards a trillion dollar market cap yet it employs about 1/5 the number of people that the traditional market cap leader ExxonMobil.
But it's not just that the pin made manufacuturing cheaper. It's that it made mass production possible whereas before clothing had to be hand made or with very crude looms. Within a few years the industrial revolution sprang up as a result of mass textiles being produced which created millions of jobs. Granted it took about 50 years for the full effect to be seen and felt. But the fact that people now had access to cheaper clothes and millions of factory jobs resulted was what created the greatest advent in the rise of the standard of living that the world has ever seen. All from the humble little pin manufacturer. We don't know but what invention or technology is already in the early stages of creating such a similar transformation. It would be glorious however to have the kind of time and money to make a comparison between say the Printing Press, the Pin/textiles and PC -- in how long it took for these inventions to create millions of jobs and lower the costs of products and raise the standard of living. Anyways... I have to head out now to my son's school for a "meet the teacher night" -- Thanks for the stimulating posts!