What if jobs are the problem, and not the solution?

In a fascinating article, worth reading in its entirety, James Livingston, author of No More Work: Why Full Employment Is a Bad Idea, asks a key question about the future of work: Why do we believe that every productive, adult, human being should have work, and get paid for it?

As he puts it: “For centuries – since, say, 1650 – we’ve believed that it builds character (punctuality, initiative, honesty, self-discipline, and so forth). We’ve also believed that the market in labour, where we go to find work, has been relatively efficient in allocating opportunities and incomes. And we’ve believed that, even if it sucks, a job gives meaning, purpose and structure to our everyday lives – at any rate, we’re pretty sure that it gets us out of bed, pays the bills, makes us feel responsible, and keeps us away from daytime TV. These beliefs are no longer plausible. In fact, they’ve become ridiculous, because there’s not enough work to go around..:”

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His point is that, in the future, there will simply not be enough interesting, well-paid, jobs to create full employment. Of course, I am not forgetting the favorite argument of traditional economists, that technological revolutions have always created more valuable jobs than the ones they destroyed.

James Livingston has this to say about that argument: “But, wait, isn’t our present dilemma just a passing phase of the business cycle? What about the job market of the future? Haven’t the doomsayers, those damn Malthusians, always been proved wrong by rising productivity, new fields of enterprise, new economic opportunities? Well, yeah – until now, these times. The measurable trends of the past half-century, and the plausible projections for the next half-century, are just too empirically grounded to dismiss as dismal science or ideological hokum.”

It is time to face the truth: this time is different, the fourth industrial revolution will not create jobs enough to keep everyone employed, at least not with the full-time, well-paid jobs that we came to associate  with economically advanced societies. The fraction of GDP that is being paid in salaries shown an unmistakable tendency, since the beginning of the 21st century. Technology will only exacerbate this tendency, as more and more well-paid jobs are lost to machines.

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Livingstone makes the point that we can, indeed, afford, a minimum guaranteed income for everyone (let’s just call it “entitlements”). In his words: “But are these transfer payments and ‘entitlements’ affordable, in either economic or moral terms? By continuing and enlarging them, do we subsidise sloth, or do we enrich a debate on the rudiments of the good life? … I know what you’re thinking – we can’t afford this! But yeah, we can, very easily. We raise the arbitrary lid on the Social Security contribution, which now stands at $127,200, and we raise taxes on corporate income, reversing the Reagan Revolution. These two steps solve a fake fiscal problem and create an economic surplus where we now can measure a moral deficit.”

Whether you want to call it a minimum guaranteed income, or just a overhaul of the social security system, it is time to face this truth, and to think of the mechanisms that should be put in place to address the social challenges. caused by technology.

Face it, jobs are the problem, not the solution!

 

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