David Uberti

It's also worth saying that a lot of these names have bounced back, at least to some extent since then, which I think sort of speaks to how crazy this market is and how no one really understands how to price this.

Software engineering postings are still rising.

Data center construction is booming.

Capital spending is accelerating.

The apocalypse, they argue, is simply not in the numbers.

The math doesn't matter.

It goes against a lot of what mainstream economists think and how they think about GDP.

A normal economist would tell you if you create more money through additional productivity, through something like AI, that money has to go somewhere.

And also it overlooks the idea of political economy at all.

The idea that the U.S.

government and public policy would slow walk into this without any meaningful changes on how to tax people, for example.

If you have all of these incredible benefits accruing to a tiny number of companies or individuals in ways that really

fundamentally alter the economy in a bad way, it seems unlikely that the government would just let that happen.

This post really focused on the destruction of white-collar jobs as we understand them right now.

There was no real discussion of any potential new types of jobs that might be created, new types of businesses that might form in response to that.

Over the last century or so, whenever we've had these huge technological sea changes and productivity has gone up, that money has gone somewhere.

It has expanded what we think of as consumption.

People in the United States have bought more stuff generally in response to all that.

that would seem to create a lot of opportunities for new businesses to pop up as well.

We can't tell what those desires are right now.