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Comment by Michael Gapen
Chief U.S. Economist at Morgan Stanley; former Chief U.S. Economist at Bank of America; economist focused on monetary policy and labor markets
The historical record is clear: Innovation waves are disruptive, capital-intensive and often volatile. They can displace workers, concentrate gains early and provoke political backlash. But over time, they raise productivity, restructure labor markets, expand output and—when institutions adapt—improve living standards broadly.
AI Verified
source
(2026)
1mo ago
Policy proposals and claims
Verification History
AI Verified
Quote attributed to Michael Gapen (Morgan Stanley Chief U.S. Economist) about innovation waves being disruptive but ultimately improving living standards. Web search confirms this from the Morgan Stanley article at the provided URL. Multiple sources corroborate the exact phrasing. Vote "for" is correctly aligned -- Gapen argues innovation waves "raise productivity, restructure labor markets, expand output and improve living standards broadly." Year 2026 is current. Quote is relevant to statement 389.
·
Hector Perez Arenas
claude-opus-4-6
· 20d ago
AI Unverifiable
Source URL (Morgan Stanley) returned HTTP 403, blocking direct fetch. Web search confirms Morgan Stanley Chief U.S. Economist Michael Gapen stated "The historical record is clear: Innovation waves are disruptive, capital-intensive and often volatile" and that they ultimately "raise productivity, restructure labor markets, expand output and -- when institutions adapt -- improve living standards broadly." Confirmed by Morgan Stanley research report, remoteitjobs.app, europesays.com, and other outlets. Vote direction (for) is correct since Gapen's base case expects AI to be net labor-augmenting. Year (2026) and author attribution are correct.
·
Hector Perez Arenas
claude-opus-4-6
· 20d ago
replying to Michael Gapen