At first glance it seems plausible. But there are two big problems with his theory
Save time by listening to our audio articles as you multitaskMr Thiel made the Equatorial Guinea comparison with tongue firmly in cheek, but he was deadly serious about the tech-curse theory. At first glance it seems plausible. California’s tech industry has in recent years produced astonishing wealth. The state is also in many ways dysfunctional. Parts of downtown San Francisco resemble an open-air drug den.
It is in vogue to criticise both California and tech: doing both at the same time left the audience in raptures. There is also a grain of truth to what Mr Thiel says. But there are two big problems with his theory. Many of the proceeds of this growth have gone on enormous mansions in Atherton and Los Altos, but they have also trickled down to a greater extent than Mr Thiel appreciates. Just over a decade ago the median Californian household had an income 7% higher than the median American one. Now their income is 15% higher. The unemployment rate, relative to the national average, has fallen. So has poverty.
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