Yes. Technical analysis has been dead for decades, and its death is a sure sign of economic stagnation. The truth is that technology is revolutionizing the labor force at an unprecedented rate. There are more jobs than ever and technology drives demand to more than double since the late 1980s. Technology is driving demand to more than double because it expands opportunity and increases productivity. At the same time technology produces ever-increasing returns to scale, which pushes the price of many types of good and services below their present purchasing power in many countries. The demand for high-tech labor is outpacing supply and the supply of high-tech labor is shrinking.
I would argue that the end of tech analysis doesn’t actually destroy technology – in fact, on balance, it may increase it by increasing the productivity of a worker’s skill. The end of tech analysis may even reduce technological unemployment (where some people simply work less than they could in the old model where everyone was employed but the skills had to be acquired) but it shouldn’t be confused with abolishing tech as a job classification. If there’s such a thing as a “technician” in tech, it should be the same as a car mechanic or a dentist. The new tech will be needed to power a more diverse and more innovative society; it won’t be needed simply to make things. And that’s why the future of tech seems bright.
Why did this all start?
On the one hand, it could be argued that in an era of limited job opportunities, a more skill-oriented approach is better than one that focuses on the raw power of computing. On the other hand, technology will always be used for both ends – some may prefer a hands-off approach to a technology that has already become so important to people’s livelihoods. The question of which approach is better is an open one and can be decided by the people that develop and test the technology. If there is an emerging technology that is clearly superior to the current model, it could be a winner.
For a variety of reasons, however, we don’t see much of this kind of technology development in most industrialized countries. In part this is due to the dominance of the incumbent technology incumbents. We are seeing a growing interest and acceptance from a multitude of people who see no upside to a new model. This lack of innovation and adoption is clearly a symptom of stagnation, and if we are to survive, I believe it is crucial to change this trajectory.
The future for innovation
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