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As the world changes, our understanding of the economy should change too.But sometimes it doesn’t because of intellectual inertia.Wasn’t this the generation that was supposed to be liberated by the white heat of technology? Let’s tease out the conundrum and the link between technology, the rest of the economy, and the Pope’s Children in particular.Although economics can sometimes seem remote, economics is about you, and the reason global interest rates and wages could stay low, even as the economy expands, might come down to you, the way you live today and the way you use technology.As you try to come to terms with where you have ended up, take some comfort in the fact that a significant chunk of the reasonably well-balanced population is equally addicted.At all hours of the night, many of us are gorging on Netflix, checking emails, responding to Whatsapp groups, booking an Uber or buying something on Amazon.If technology is taking over your world, what does it mean for the global economy and for our way of thinking about the world?At the beginning of every year, when my students sit down in front of me at Trinity College in Dublin, I can’t stress enough the importance of not only what they’ll learn in textbooks, but what they see happening in the world around them.

In terms of Uber, Whatsapp and Amazon, these new technologies are driving down prices undermining the old fixed margin business.Traditionally, it was thought that point was an unemployment rate of between 5pc and 6pc.While higher wages give more income to workers, they constitute higher costs to employers and ultimately less profit.If, like me, you sometimes admit to binge-watching Netflix, take heart.I realize that there’s something unsettling about finding yourself at home in bed, under the duvet, Pringles in one hand, remote in the other, overdosing on ‘House of Cards’.

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