Impactful Technological Invention
- AKA: Technological Progress Event.
- See: Innovation, Manufacturing Productivity Paradox.
- It would be a remarkable irony if the driverless car — in many ways the symbol of the technological revolution that is now reshaping modern economies — fails to materialise as an economic reality thanks to the disemploying power of other technologies. It would also be a perfect illustration of how stagnant wage growth can cause slow growth in measured productivity.
- (Economist, 2013) ⇒ The Economist. (2013). “Real robot talk.” In: The Economist, Labour Markets, Mar 1st 2013.
- QUOTE: … Technological progress sufficient to cause these kinds of dislocations should also generate overall economic gains large enough to make everyone better off. But just because everyone could be made better off by progress doesn't mean that everyone will be made better off. There must be an institutional framework in place to ensure that the gains from growth are shared.