> it’s hard to look at the world we live in today, with electric cars that can self drive and hand held devices connected to natural language comprehending oracles of knowledge, JIT industries end to end, starships to mars for colonization in mid to late stages, etc, and think “yep the only value is the value the federal reserve has created” as a federal reserve economist posits.
I agree that we're still producing new technology, but just because a certain technology is impressive doesn't mean it's going to yield a lot of value to investors or yield a lot of marginal improvement to productivity. Perhaps I'll be demonstrated wrong when we start mining asteroids and flooding the market with massive productivity shifts again, but there's not exactly any sign this is right around the corner. There's certainly no reason to assume growth as a market invariant just because of technological development has led to growth in the past.
I agree that we're still producing new technology, but just because a certain technology is impressive doesn't mean it's going to yield a lot of value to investors or yield a lot of marginal improvement to productivity. Perhaps I'll be demonstrated wrong when we start mining asteroids and flooding the market with massive productivity shifts again, but there's not exactly any sign this is right around the corner. There's certainly no reason to assume growth as a market invariant just because of technological development has led to growth in the past.