A lot of highly touted new technologies and developments are supplying things the market isn’t demanding. From The Zman at theburningplatform.com:
One of the first lessons in economics is that demand drives supply. The more a product or service is desired, the greater the supply of it, barring some artificial constraint on supply. The relationship between supply and demand is expressed in the price for the good or service. A rising price means demand is outpacing supply and a falling price means supply is outpacing demand. If demand falls low enough, supply will disappear as there is no profit to be made in the transaction.
Supply and demand used to be an article of faith in capitalist countries, but it seems that our rulers have abandoned that axiom. Take for example labor markets. They insist that flooding the American labor market with new people from abroad will lift wages and increase employment. All that diversity will cancel out the collapse in demand relative to supply and something will happen. With regards to the labor market, the new article of faith is that unlimited supply drives up demand somehow.
Now, a lot of people think this new universal truth about the labor markets is just a trick to fool people into voting away their inheritance. Collusion between the cheap labor lobby and the cheap voter lobby has resulted in this weird libertarian argument that the old axioms about supply and demand do not apply to labor markets. That way heritage Americans will not resist the flood of foreigners into their country. That could be true, but it is not an isolated example of this new economic law.