Creative Destruction

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The market is significantly underpricing rate cuts as the rapid improvement of AI tools suggests a rising unemployment rate and continued disruption in the financial markets. AI tools are increasingly able to automate a range of tasks, so there will be a structural reduction in demand for certain workers. Lower employment reduces aggregate demand until the displaced workers are able to transition to other fields. AI tools also disrupt incumbent businesses, who tend to be […] Click here to Subscribe! The post Creative Destruction appeared first on Joseph Wang.