A fund manager about that sharing economy and disruptive tech companies

Crossposted from Zerohedge

In his latest weekly letter to clients, One River CIO Eric Peters shifts his attention away from his two favorite topics of monetary policy and capital markets, to unveil a streak of contrarian skepticism on the topic of "technological disruption", and in his trademark anecdotal style, present a hypothesis that would be most unwelcome in virtually every Econ 101 class and Venture Capitalist Headquarters: stating that

"we should be careful not to overlook the possibility that today’s disruptive technology companies may be not much more than mechanisms to drive wages down to subsistence levels” alleging that “these companies rely less on technological innovation per se, but on changing employment styles and reducing total wages, while imposing harsher working conditions."

His conclusion: “the nature of technology depends very much upon what the public can be induced to put up with.”

And just to make his view more palpable he presents the following conversation with his Uber driver:

Read on here and about the Phillips curve.