Tag Archives: Origins

Why limited demand means joblessness (and what to do about it)

Mainstream economics assumes demand for almost anything is infinite. Thus, the theory goes, when human workers get replaced by robots, or better design means less human labor is needed, then there will soon be new jobs making new things; the only issue might be retraining. But, if demand is limited (because the best things in life are free or cheap, and everything you own also owns you), then when people get laid off, the jobs are gone for good, because there is nothing more that anybody wants then is already produced. And people having more time outside of compulsory work would be a good thing, if we more evenly shared the wealth from automation and better design, but we don’t — yet. Continue reading

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