>There are certainly some very interesting characteristics about our economy right now, but this is not the right articulation. It's more that we are stuck in a liquidity trap, and we can grow our economy without increasing demand on the labor market.
Financial metrics can grow without substantially increasing demand for labor. Most of the nonfinancial economy, however, is stuck in recession or stagnation. The tech sector only differs in being fueled by the flood of capital into VCs.
After the Second Great Depression was narrowly headed off by TARP, we're still stuck waiting for the Second New Deal and Second Post-War Reconstruction.
Financial metrics can grow without substantially increasing demand for labor. Most of the nonfinancial economy, however, is stuck in recession or stagnation. The tech sector only differs in being fueled by the flood of capital into VCs.
After the Second Great Depression was narrowly headed off by TARP, we're still stuck waiting for the Second New Deal and Second Post-War Reconstruction.