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Problems that may only be applicable or of interest 20 of individuals. 20 of households. Not everybody does yoga or, you know, we saw propane tanks that were, you could connect to the internet so you could know by looking at your smartphone how full they were. And thats probably not applicable to everyone because not everyone uses a gas grill. We start to move into these smaller niche markets. Actually, i have the opposite response. I think what because the cost of experimentation is so low in the market 9utn, what you actua see is sort of 1,000 experiments, 999 of them fail utterly, but when ...

Getting this sort of thoughtful discussion it deserved. I think 15 or 20 years ago, erik and i talked about this when i was a graduate student and erik was a professor and we felt that people werent taking the issue seriously. If anything, i would say people should not panic at this point. And i think you know, there are a number of remarks i could make. I think there are season for some skepticism or at least a a little bit about how fast things are actually moving. And i would think there is a lot of aggregate data that dont suppo support the idea that the labor market or the idea is changin...

Get into them and the whole problem will go away. I think that is fundamentally an evasion of a profound social challenge. Raise the issue of the minimum wage and unions and Bargaining Power of workers, but it strikes me were faced with a conund rum in a sense these changes make the imperative of giving workers more sort of Bargaining Power and a higher minimum wage make that more compelling and important but at the same time those same technologies make it easier for employers to replace workers who become too expensive with machines, so how do we thread that needle . Well, i think that is a ...

As it relates to the relative scale people in different cultures. This is what i want to bring up. A lot of the disruption that people attribute of the last 15 to 20 years has had a great deal to do. Especially wto. An enormous surge the sharp decline. And fortunately much closer to equilibrium policy side an extra five years were not look anything like it. The disrupted power is underappreciated so it does not have i am in favor for negotiating trade agreements. We want surgery it to the most obvious rather than something more subtle. We thought the internet was amazing thing. I dont see how ...

That it becomes more and more clear to me and erik that the future is coming at us more than the experts are predicting. That means the economic consequences are coming more quickly than a lot of us are expecting and makes the discussions for today all the more important. Thanks very much. [ applause ] thank you all for joining us this morning. My name is melissa carney. I have the privilege of moderating our First Panel Discussion this morning. This panel is going to take the premise that andy and erik laid out for us, that there has been rapid technological advance particularly in the inform...