"It just seems like, it doesn't matter what job you have, there's always some robot out there about to take it," he said. "I think people are worried, and they want to buy tech, because they feel like they're taking part [in] the thing that's threatening them. So there is this deep emotional fear which is increasing, which is having the effect of pushing up prices for now.
This fear is "substantially driving the market," he said." Source.
According to Robert Schiller people are bidding up tech stocks because they think robots are going to kill them or put them out of work. Not fundamentals. Fear.
It's the best case I've seen for calling this a bubble.
For what it's worth I generally don't like Schiller. Just because he got one thing right doesn't mean he's right about other stuff.
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"According to Robert Schiller people are bidding up tech stocks because they think robots are going to kill them or put them out of work. Not fundamentals. Fear."
ReplyDeleteI thought it was because nobody seems to be able to learn from Charles Mackay's well-documented lessons on Tulip Mania ...
"But these 'robots' and 'AIs' are completely unlike tulips!"
Said every wishful-thinking speculator over-leveraged in the market.
LOL
ReplyDeleteWhen I read this in the Philly news, I had hoped that this robot was local and that it had suddenly risen up to cross the mighty Delaware River so it could help defeat the British ...
ReplyDeleteBut alas, it met its demise in a posh New Urbanist shopping mall with executive housing in metro DC.
I'm waiting for the pranks where people decide to "dress them up for Halloween" as Daleks. :-)
And they named him Steve. I was trying to figure out how much those robots cost. But then I got bored. I did find a new article though. (above)
ReplyDeleteMaybe that robot was sad.