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Written by Wei-Jing Zhu
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Tuesday, 24 October 2006
Even when there are no technological advances, luxury item can still create further value, and leave room for economic growth.
The driving force for further economic growth will always be innovation. This will always be the answer to technological advances that displace menial jobs and seemingly take away jobs.
But for those who are afraid that there will not be enough room for innovation, we should recognize that advancement is not limited to just the technological area. Just notice that watches and pens have been basically the same, and their use are no longer necessary as they once were, but luxury items such as Movado watches or Mont Blanc pens are still priced at thousands of dollars. Clothing may not have changed much in nature, but fashion will still be a big industry. This indicates that the arts will always sustain economic value, and there is always room to make money.
Consider luxury education or luxury mentoring for children.
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