Materials grey. On paper, everything seemed simple. The dazzling progress of information technologies allow companies to produce goods and services by reducing the costs of labour through automation, and then offer them closer to the habits and tastes of the customer beyond the cost of the intermediaries.
The company with the technology − or application − the most efficient, which can display the lowest price wins the contracts according to the principle of ” winner takes all “, in expels competitors from the “old economy” and won the favour of investors to develop new applications. A virtuous circle that signed the triumph of the low-cost carriers, air transport to telecoms, the library, the restaurant, the clothing in the film.
The productivity gains of the most successful companies are spreading to the whole economy, the pace of technologies, to increase wages, consumption and standard of living. In return, the promises of high returns encourage investors to finance growth and innovation.
“Encourage investment ”
Economists already saw glimpses of a third industrial revolution, the so-called ” digital “, a process of creative destruction as the one who lives in the Nineteenth and Twentieth centuries the massive migration of production and workers in fields and workshops to the cities and factories.
in the United states, 95 % of consumers do not buy more than in 1980
But that’s it. Steven Fazzari, a macroeconomist at the university of Washington of St. Louis, observes that there has been no spike in consumption over the last thirty years in the United States : 95 % of consumers do not buy more than in 1980. Lord Adair Turner, economist at the Institute for New Economic Thinking (INET), and adds that the lower interest rates of long-term began in the years…