Chapter 14. Automation and Artificial Intelligence Replace Almost All Jobs
1. Elmo Roper, “What People Are Thinking,” New York Herald Tribune, December 28, 1945, p. 15A.
2. Ralph Reed, “1946 Sees First Traveling Vacations since the War,” Daily Boston Globe, April 14,
1946, p. B9. The term “victory vacation” had also been used earlier, since 1942, to refer to an economical
stay-at-home vacation motivated by a desire to save money and resources for the war.
3. Slide projectors have a long history (https://www.ithaca.edu/hs/vrc/historyofprojectors/), but Ready-
Mounts, the convenient slides mounted in cardboard by the photo lab, were first advertised in 1946.
4. Harry T. Montgomery, “Confidence Marks Business Outlook,” Los Angeles Times, January 3, 1950, p.
35.
5. Alfred L Malabre, Jr., “Automation Alarm Is Proving False,” Wall Street Journal, December 23, 1965,
p. 6.
6. “Automation Strike Deadlock in U.K.,” South China Morning Post, May 3, 1956, p. 17.
7. John Hoggatt, “What Automation Means to You,” Austin American, December 16, 1956, p. SM1.
8. Roscoe Born, “Men & Machines: Industrial Unions Fear Automation Will Cut Membership and
Power,” Wall Street Journal, April 7, 1959, p. 1.
9. Samuel Lubell, “Disturbing Paradox: Insecurity Blot on Recovery,” Boston Globe, May 5, 1959, p. 19.
10. “Automation Blamed for Recession,” Washington Post, April 23, 1958, p. A2.
11. https://www.youtube.com/watch?v=244SeRiP__M.
12. Michaels, 1962, pp. 13–14.
13. US Department of Health, Education and Welfare, National Commission on Technology,
Automation, and Economic Progress, Technology and the American Economy (Washington, DC: US
Government Printing Office, 1966).
14. Alfred L. Malabre, Jr., “Automation Alarm Is Proving False,” Wall Street Journal, December 23,
1965, p. 6.
15. Mark Potts, “Personal Robots: The Future Is Now,” Washington Post, December 12, 1983, p. WB33.
16. 
https://www.pastemagazine.com/articles/2015/11/the-100-greatest-movie-robots-of-all-time.html?p
=5.
17. Andrew Pollack, “A New Automation to Bring Vast Changes,” New York Times, March 28, 1982, p.
HT1.
18. Pollack, “A New Automation.”
19. G. Pascal Zachary, “Worried Workers,” Wall Street Journal, June 8, 1995, p. A1.
20. Stock prices measured by the nominal price per share of the S&P 500 index, not corrected for
inflation or share repurchase.
21. A year earlier, in 2010, Google Voice Action allowed verbal commands to be executed.
22. Silver et al., 2017. There are also AlphaZero skeptics, who doubt the program works as claimed,
https://medium.com/@josecamachocollados/is-alphazero-really-a-scientific-breakthrough-in-ai-
bf66ae1c84f2.
23. Harari, 2018.
24. http://www.cnn.com/2011/11/03/tech/innovation/steve-jobs-book-sales/.
25. “Proposing to Tax Labor-Saving Machines,” Sun, January 18, 1933, p. 8, and Mady Delvaux, Draft
Report, European Parliament, May 2016, http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP/
/NONSGML%2BCOMPARL%2BPE-582.443%2B01%2BDOC%2BPDF%2BV0//EN.
26. George, 1886 [1879], p. 395.
27. George, 1886 [1879], pp. 395–96.
28. Quoted in “An Engineer Turns Diagnostician,” St Louis Post-Dispatch, June 5, 1932, p. 1.

Chapter 15. Real Estate Booms and Busts
1. For example, the correlation between the monthly Michigan Consumer Sentiment Index and the
S&P/CoreLogic/Case-Shiller home price index corrected for inflation January 1978 to September 2018 is
only 0.035.
2. Observer, “Making Auger Holes with a Gimlet,” Cultivator, September 1840, p. 146.
3. “Where They Live,” St. Louis Post-Dispatch, December 29, 1889, p. 18.
4. Davis and Heathcote, 2007.
5. A “traditional” ratio of land value to home value was 10%. Paul F. Kneeland, “This Land Boom Is a
Land Boom with a Difference,” Boston Globe, June 15, 1958, p. A31.
6. For example, during the baby boom in post–World War II US home prices, one article described rising
construction costs as the cause: “U.S. Construction Costs Grind Upward: Prices on New Homes Follow
Suit: Experts Differ on Why Prices Should Zoom,” Christian Science Monitor, August 18, 1950, p. 13.
7. Grebler et al., 1956, p. 358.
8. “Housing Prices Nip Low Income Groups,” Arizona Republic, January 25, 1957, p. 43.
9. McGinn, 2007, p. 6.
10. Festinger, 1954.
11. “Own Your Own Home,” Washington Post, May 19, 1919, p. 9.
12. Arizona Republican, January 1, 1900, p. 3.
13. US Supreme Court Justice Joseph McKenna in Hall v. Geiger-Jones Co., 242 U.S. 539 (1917).
14. “Ponzi’s Florida Wizarding Pays Big—for Ponzi,” Chicago Daily Tribune, January 16, 1926, p. 9.
15. Notably, the US federal government now regulates interstate land sales with the Interstate Land Sales
Full Disclosure Act of 1968 (ILSFDA), and the law clearly discourages the kind of advertising and sales
tactics that caused land booms in the past. See Loyd, 1975, and Pursley, 2017. ILSFDA now falls under the
jurisdiction of the Consumer Financial Protection Bureau, which was created by the Dodd-Frank Act of
2010, and it has been actively prosecuting land promoters who fail to comply.
16. See Gyourko et al., 2013 for such a model.
17. Saiz, 2010.
18. “In fact, from the point of view of the median husband-wife household considering the consumption
of a marginal unit of housing services, the after-tax cost is estimated to have declined by 30 percent from
1970 to 1979. This was due primarily to a decline in the before-tax real cost of capital and a large inflation-
induced increase in the tax subsidy to owner-occupied housing.” See Diamond, 1980, p. 295.
19. “WSJ ‘Mansion’ Section Makes Its Debut,” Wall Street Journal, October 4, 2012, http://www.wsj
.com/video/wsj-mansion-section-makes-its-debut/5BAD7D1C-77FA-4057-9E3A-19446C5F2F52.html.
20. Katherine Clarke, “Tech CEOs: Lie Low or Live Large?” Wall Street Journal, November 17, 2017, p.
M1.
21. “House Prices: After the Fall” cover story, Economist, June 18–24, 2005.