It's Different This Time

<b>October 6, 2013</b><br /><a href="http://globaleconomicanalysis.blogspot.com/2013/10/reader-question-on-robots-what-are.html">Mish: Reader Question on Robots: What are People Supposed To Do For Their Livelihoods?</a><br /><br /><div style="color: #666666;"><i>One could have asked the same question right before the railroad boom-bust, right before the great depression, right before the internet boom-bust, and right before the housing boom-bust.</i></div><br />As seen in the following chart, those who asked right before the internet boom-bust are still asking the same question, and rightly so.<br /><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbGn7aGvfZPeGcCjMfvLt_-cSb1vXOSG8bbr02vECpTeCvToT4HBlE1EUutsHUlcESvfxzhEVJoQ-V_0xF-9Cfjpfwzsg6zwGWJ9OJDFyYxMVBTfxzCoV5iRzlu0qI_XiZwL86PVg0nQ4/s1600/Jobs+-+Long-Term.jpg" imageanchor="1"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbGn7aGvfZPeGcCjMfvLt_-cSb1vXOSG8bbr02vECpTeCvToT4HBlE1EUutsHUlcESvfxzhEVJoQ-V_0xF-9Cfjpfwzsg6zwGWJ9OJDFyYxMVBTfxzCoV5iRzlu0qI_XiZwL86PVg0nQ4/s320/Jobs+-+Long-Term.jpg" /></a><br /><span style="font-size: x-small;">Click to enlarge.</span><br /><br /><i><span style="color: #666666;">So here we are. <span style="color: red;">Unless it's different this time</span>, there will be another advance of some kind that is highly likely to create jobs. I cannot say what or when.</span></i><br /><br />What if it is different this time? I'm certainly a believer that it is. Then what? I was hoping Mish would have an answer for that. No such luck. I therefore offer the following answer to fill in the gap.<br /><br />1. <strike>God will provide.</strike><br />2. <strike>Free markets will provide.</strike><br />3. <a href="http://www.studentsagainsthunger.org/media/hhp/students-stay-cardboard-boxes-24-hours-homeless-awareness">Got cardboard box?</a><br /><br /><b>Source Data:</b><br /><a href="http://research.stlouisfed.org/fred2/series/PAYEMS">St. Louis Fed: All Employees: Total nonfarm</a>

It's Different This Time

October 6, 2013 Mish: Reader Question on Robots: What are People Supposed To Do For Their Livelihoods? One could have asked the same questio...

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