The one thing that I think is missing in regard to the financial cycle is the potential for massive…
Michael Long
282

Chris — great summary; I really appreciate the historic perspective (but would have filled in a few gaps) as many investors, entrepreneurs and commentators today don’t appreciate the mega trends underlying each of the tech innovation cycles your reference, nor do they recognize the importance of identifying enabling technologies at key junctures. Michael L — your concerns about the massive change (and accompanying social disruption) we are beginning to live through have been voiced by many others already. A solution will only emerge from other kinds of innovation: social and business models informed by post-classical economics and guided by legislation and regulation that are the outcome of democratic discussion and not strictly controlled by vested interests (impossible without a constitutional amendment in the US). Unless we are willing to rethink what employment, and the associated the tax and social benefits infrastructure, we will not solve this. There is no solution in appeals to entrepreneurs and companies to put the brakes on relentless technological innovation, use fewer robots, or abandon ‘sharing economy’ efficiencies. On the contrary, appealing for, and achieving, innovation in moribund domains of public policy is key to correcting the growing income inequality and forging a new social compact for future generations.

Show your support

Clapping shows how much you appreciated Michael Gresty’s story.