March 13, 2013

IT'S A SHORT TRIP FROM PREPOSTEROUS THESIS TO CONVENTIONAL WISDOM:

Why jobs still aren't coming back (JOHN STEELE GORDON, 3/13/13, NEW YORK DAILY NEWS)

Most important, however, is the fact that the economy is in the middle of the most profound technological revolution since the steam engine and the factory system of production kicked off the Industrial Revolution, remaking the world 250 years ago.

The microprocessor, developed in 1969, is still reshaping the world economy -- for it has caused a huge decline in the cost of storing, retrieving and manipulating information. Thus, many of the tasks that were once performed by human beings -- for example, file clerks and assembly-line workers -- are now instead done by computers and robots.

Millions of jobs that were once at the heart of the American economy are disappearing forever. The United States is still one of the world's biggest steel producers, for instance, but we have about one-fifth as many steelworkers as we did 40 years ago.

Of course, new jobs -- computer programmers, app developers -- are also being created. But as the recession hit, many of the old jobs that were fading away but not yet gone suddenly ended. As the economy began to recover, companies invested in technology rather than rehiring for those old jobs.





Posted by at March 13, 2013 4:02 AM
  

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