| richardhutnik said:
If economic activity and growth has been the byproduct of malinvestment and excessive debt, cause excessive money floating about, and this excessive debt is not sustainable, when the contraction happens due to the debt not being serviced, or the money supply shrinks to service it, then what do you think will happen to unemployment? It will sky-rocket. But that's because we don't live in a free society. See my initial response to Mr. Khan on why such incidences wouldn't occur in such a society, and how solutions would be found if they did. Thing is that End of Work goes into that. Have you even read the book? If not, then you don't know the arguments. And what you have seen happen is that manufacturing in the United States did increase, but labor demands decreased: No. I haven't read the book. Never even heard of it. Don't want to read it, either. http://www.fool.com/investing/general/2011/02/25/the-truth-about-the-great-american-manufacturing-d.aspx
And how about manufacturing jobs in China? Well, China is also losing manufacturing jobs. So, you will now say, "Well there is information technology jobs available". Care to show there are enough of those around which could soak up the displaced manufacturing jobs? Look around the Internet. Care to show the future isn't going to be free content backed by advertising, that scales so that top IP producers get the lion's share of money, while the rest starve, or life won't be like Second Life, where things are so cheap to produce people can hang around forever producing free content for people, in hopes they can make it big some day? No one is able to make a living in this free hell, but you can't afford to leave either. And thus, I get back to The End of Work. I would never make the claim that there are IT jobs available, or if it's going to explode. To pretend to know what the jobs of tomorrow are is the pretense of knowledge. I don't know whether IT is a more valuable use of labour, or whether it's cutting hair, manufacturing, or flipping burgers (actually, I believe the Feds count the last two as the same thing...). Nobody does, and anybody who claims that they do, and denying the price mechanism in the process, is lying. Isn't it something like half of the top 10 most demanded jobs of today, didn't exist 10 years ago? Some shit like that. But, it seems we (and, from what I can tell, the author of your book) have very different views on what a job is. You guys seem to think of jobs as the ends in and of themselves, I do not. I believe that work is a means to an end. We've gone from a point of people working from childhood to their graves, 7 days a week, 365 days a year, dawn 'til dusk to a point where the average worker works 5 days a week, has a couple of weeks vacation a year (plus public holidays), 8 hours a day with a lunch break, doesn't really have to enter the workforce until their mid-20s, and can leave with a couple of decades before the end of their life. All the while, they can now afford a standard of living lightyears ahead of what they could before. This trend will continue. It seems to me that people above a certain income value leisure far greater than they measure work. This is why you often see white-collar workers moaning about overtime, while blue-collar workers pray for it. What this means that (this is my prediction, here), as prices "fall" (in this inflationary world, I mean, relative to incomes), and people get wealthier, they will opt to work fewer hours, for fewer years. Essentially creating more jobs in that the demand for labour would fall relative to the supply. |
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