I have been pessimistic about the national and international economies. My problem was an inability to figure out how more jobs could be created. In the past, I could see where recessions were followed by upsurges in employment because people needed to replenish their "stuff". However, now, I could not see that happening. We can operate cars longer because they are better and more costly, for sure. But, we can get along with what we have. Similar improvement in quality insures that our investment in televisions etc. will last longer. And I could not see another market coming on line that would take the place of the auto industry etc. I know that some see green technologies as the new savior to the needs for increased employment. However, I don't. There will be more jobs, but many of them will be at relatively low pay.
Whatever reasons for my pessimism have been shunted aside by an
article that speaks to be essential problem of excess production without a commensurate market. In other words, the world produces more steel etc. than can be used profitably. If true, there is no end to this problem since the technologies will always be capable to increasing production quicker than demand. As the population increases, our problems will only get worse since there will be more people who are being marginalized. And with marginalization comes political instability.
Wow!
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