The carpet, too, is moving under you…

Last week Paul Krugman acknowledged the existence of a global marketplace for work (in which not only employees in different countries compete for wages, but also robots are now increasingly displacing workers).

Over the weekend, he posted this:

the Fed’s duty is to try to correct the distortions this situation creates, above all the distortion of mass unemployment.

As I have argued for several years now (pretty much since the beginning of whatever “crisis” we seem to be in now): Mass unemployment is a feature, not a bug. In other words, we no longer need to employ slaves paid hourly rates, because the hourly rate of a robot is nil. Investment no longer creates jobs — and jobs are also no longer a meaningful metric for how well an economy is doing.

Let me offer some alternative — and better / more meaningful — metrics:

  • [reduction in] Global Warming

  • [reduction in] Crime (especially violent crime)

  • [reduction in] Extinction of species

  • [increase in] Literacy

These are just a few examples — please: feel free to come up with some more on your own! ;)

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