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Trump Needs to Embrace Industrial Revolution

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perl_geek
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Gone for good
perl_geek   12/7/2016 6:13:51 PM
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A lot of the unemployed think their jobs have gone to Mexico, China, or some other Third World location, from which they could theoretically return. Unfortunately, the jobs haven't gone anywhere; they've just gone. The underlying technology's become obsolete, or the process has been replaced by robotics. (Possibly because management got fed up with trying to overcome idiotic union arguments and procedures.)

As usual, any attempt to subsidise jobs to overcome natural comparative advantage turns out to be more expensive than just paying the workers to remain idle. It's understandable, (and admirable in a way), that workers would rather be doing something than nothing, Unfortunately, even academia seems to have trouble understanding and explaining facts like comparative advantages and the "lump of labour" fallacy, or that neither government nor management "create jobs", only customers do.

 

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