I don't really see a slowdown in technology - not even the empowering kind. The most obvious example for me would be drones - the military is notoriously slow to adopt new technology, and yet drones have gone from nonexistent to core infrastructure in what, six years? Personal computing had a slow move from desktops to laptops, then a fast move from laptops to smartphones, a faster move from phones to tablets, and now Google is showing off its Glass project - five years after the iPhone and three after the iPad. Saas has exploded in recent years, etc., etc.
The problem I see is that none of this needs to employ many people anymore. How many people does Microsoft or IBM or Oracle employ? Compare that to Google or eBay or Yahoo! - and that to Facebook or Dropbox. Even for physical products, what does it take to "make stuff" anymore? Does anyone think that if Telsa gets to selling as many cars as Ford, they'll employ anywhere near the same number of people? Or have a supply chain that extends to hundreds of thousands/millions of workers?
Technology is constantly replacing human work, but for a long time it was slow enough for people to adapt and find other work. These days I'm less and less sure that's the case.
Yes he addresses this. If all you do is make things more efficient then you have no where for the displaced to go. That's why transformative innovation is needed and is currently missing. Transformative innovation needs a longer time to grow so it needs longer term investing before seeing a payout hence a retooling of our tax system that favors investment for the longer term.
We know there is a problem related to new job growth, he mentions that its taking longer for our economy to recover from the last recessions. And, he points out exactly what is missing from that economy too.
The problem I see is that none of this needs to employ many people anymore. How many people does Microsoft or IBM or Oracle employ? Compare that to Google or eBay or Yahoo! - and that to Facebook or Dropbox. Even for physical products, what does it take to "make stuff" anymore? Does anyone think that if Telsa gets to selling as many cars as Ford, they'll employ anywhere near the same number of people? Or have a supply chain that extends to hundreds of thousands/millions of workers?
Technology is constantly replacing human work, but for a long time it was slow enough for people to adapt and find other work. These days I'm less and less sure that's the case.