Today we spoke about the historical cycles of technological development and how they led to a panic or depression in a relatively short time frame. My question is, what about the internet? Hasn't this TD been a game changer? For example, the hot topic right now is unemployment. The internet has changed the game with how people go about finding employment over the last 10 years and has made the process considerably more efficient by matching up job seekers with job opps all over the world. Is this why our unemployment rate is still around 7% and not worse? What happens if the rate still jumps to 10%, is that the equivalent of 15% 20 years ago? Just a thought.
Historical cycles of development:
1771 – Industrial Revolution
1829 – Steam and rail roads
1875 – Steel and Electricity
1908 – Automobile
1971 – Computer (Intel)
Each event led to a panic or depression 25 to 30 years later
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