| Not a great article on this topic. But still interesting. The main points I see in the article, are that weak labour = weak market, and not every country can be an exporter. It seems that pressure to increase profitability, ends up exerting itself by reducing labour utilisation (via efficiencies or other means). Which (can eventually) in turn, exert further pressure to increase profitability (due to a weaker market). What I find disheartening is, the current tools governments have to improve the situation are hamstrung in a global environment. * Corporate Taxation wont work without global reform * Minimum wages, employment conditions, and other regulations don't work if the job can be outsourced / performed overseas * Import tariff's on the former, usually result in your own exports being penalised (in retaliation) * Existing players wish to maintain the status quo The other issue, is "free time". There could be a considerable portion of the labour market are willing to take a part time-job "for the love of it" with their free time. Effectively volunteering or taking a "token" wage. Industries accessible to hobbyists / free timers, will suffer a further devaluation of labour, if they haven't already. Anecdotally, it appears this has already started for some roles like teaching / professorships. The odds seem firmly stacked against a good percentage of the global population. Hopefully those capable of making lasting change do so, before it's too late. |