Jones Beene wrote:
Our continuing high unemployment rate is a symptom of energy dependence more than anything else.
I disagree. I think unemployment is a function of automation. In the 20th century work hours were reduced from 60 or 80 hours per week to 40, with Saturdays off. If that had not happened unemployment would be unimaginably high. Unless we cut back more hours now, to 30 hours per week, unemployment will remain high. There are more unemployed people in China than the entire U.S. workforce.
Sooner or later machines will do just about everything people do, unemployment will be ~90%, and the whole basis of economic theory and practice will go out the window. We will have to find a way to give everyone goods and services for free.
- Jed
