Innovation, Jobs and Inflation: Lessons from 250 Years of Disruption

Deutsche Bank

Jim Reid

Research

38 Pages

Jim Reid puts the oil move in historical context, explains what history tells us about the impact of AI, and gives an update on market performance in 2026.

Key Takeaways

Unemployment & Innovation: Since the start of the first Industrial Revolution, humans have been extraordinarily innovative with unemployment driven by macro factors like recessions, not new technologies.
Technology & Inflation: Since the Industrial Revolution, humans have been remarkably innovative and yet inflation has surged.
2026 Repeat?: 2025 was a good year for global equities, especially EM, but with the US around the bottom quartile. So far in 2026 the pattern seems to be repeating itself.
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