40 Million Jobs Are Going To Disappear
One of the paradoxes of our age is that we are simultaneously living through a time of positive economic innovation and also a time of the painful erosion of the way of life of many middle-class families.
Listening to Yuri Milner, the Russian Internet investor, at a conference in Ukraine a few days ago brought home this contrast. Milner is a billionaire thanks to his Internet investments: He has done well both in his homeland, supporting some of Russia’s most successful start-ups, and, even more spectacularly by venturing abroad, taking pioneering stakes in Facebook, Zynga and Groupon.
When Milner talks about the technology revolution, he paints a dazzling picture of literally unprecedented innovation, bringing tremendous savings and benefits to consumers.
But when you talk to economists about the impact of those same forces on middle-class jobs, you come joltingly down to earth.
The revolution Milner describes is part of a sea change in how the economies of Western industrialized nations work – and one that is hollowing out the middle class.