From Bubble to Bust--and Perhaps Boom Again? Notes on Technological Hype

At this point I am old enough to have lived through a number of cycles of boom and bust for technological hype. And I think I have noticed a possible pattern in recent busts, certainly with regard to the "bust" end of the broader cycle. In particular it seems that this tends to combine three features:

1. The failure of much-hyped technologies to actually materialize.
2. Economic downturn.
3. A crisis which gives the lie to self-satisfaction over some particularly significant claim for our technology as a revolutionary problem-solver.

Back in the late '90s there was enormous hype over computers. Of course, this period did produce some genuine, significant technologies of everyday life--personal computing, Internet access and cellular telephony--beginning to become genuinely widespread, and becoming refined considerably in the process, culminating in the extraordinary combination of power, versatility and portability of our smart phones and tablets with their 5G-grade broadband two decades on.

Yet as a review of Ray Kurzweil's predictions for 2009 makes clear, much that was widely expected never came to pass. Artificial intelligence, virtual reality, nanotechnology. To put it mildly, progress in those areas, which would have had far more radical consequences, proved . . . slower, so slow that expectation fizzled out in disappointment.

Meanwhile, the New Economy boom of the late '90s turned to bust, a bust which never quite turned into boom again, so that not the crash but the years of growth turned out to be the historical anomaly, and even the most credulous consumers of the conventional wisdom reminded that the idiot fantasy that the economic equivalent of the law of gravity had been suspended was just that, an idiot fantasy. This was all the more painful because, in contrast with the New Economy promises that science was liberating us from our reliance on a finite and frail base of natural resources, we confronted spiking natural resource prices, above all fossil fuel prices, that brought on a global fuel and food crisis (2006-2008). And then the comparatively crummy performance of the early twenty-first century, which was really just another, much less impressive bubble--and that not in any fancy new tech, but old-fashioned real estate and commodity prices--led straightaway to the worst economic disaster since the 1930s, from which we have been reeling ever since.

Science fiction, a useful bellwether for these things, showed the reaction. Where in the wake of the '90s boom and hype the genre showered readers in shiny, ultra-high-tech Singularitarian futures, and through sheer momentum this substantially continued through the early '00s (it can take years to finish a book, years after that to get it into print), it was all post-apocalypse and dystopia--like World War Z and The Hunger Games and Paolo Bacigalupi's stuff. And even when science fiction bothered with the future it was the future as it looked from the standpoint of the past--as with steampunk, which was very popular post-2008 as well.

Of course, the popular mood did not stay permanently down in the dumps. The economy made a recovery of sorts--a very anemic one, but a recovery all the same.

And there was renewed excitement about many of the very technologies that had disappointed, with the companies and the press assuring us that they were finally getting the hang of carbon nanotubes and neural nets and virtual reality and the rest. Soon our cars would drive themselves, while drones filled our skies, bringing us, if we wanted them--and we would--our virtual reality kits, our supermarket orders of clean meat.

Alas, just about none of that came to pass either--and where in the '90s we at least got the PCs and Internet and cell phones, I cannot think of a single real consolation prize for the consumer this time around. Meanwhile a new crisis hit--in the form of a pandemic which underlined just how un-automated the world still was, how reliant on people actually physically doing stuff in person. And underlined, too, that for all the talk of our living in an age of biotechnomedical miracle that has filled the air for as long as I can remember, the war on viruses is very, very, very far from being won. All of this contributed to an even worse economic disaster than the one seen in 2008 (not that things ever normalized after that).

It seems to me not just possible, but probable, that the combination of technological disappointment, crisis and economic downturn will spell another period of lowered expectations with regard to technological progress. Indeed, I have already been struck by how the chatter about the prospect of mass technological unemployment in the near term vanished amid economic crash generating plenty of the old-fashioned, regular kind.

Of course, in considering that one should acknowledge that some are pointing to the current crisis, precisely because of the way in which it has demonstrated certain societal vulnerabilities and needs as spurring further efforts to automate economic operations, or at least permit them to be performed remotely--with implications extending to, among much else, those drones and self-driving cars. A similar logic, some hold, may work in favor of clean meat.

It is not wholly implausible, of course. Crises can and do spur innovation, when the backing is there--when the prevailing institutions elect to treat a crisis as a crisis. However, I have yet to get the impression of any such sensibility among those flattered by the feeble-minded everyday usage of terms like "world leader."