there will always be less and less jobs and more and more people who cannot get them.
This isn't rocket science but it seems to baffle most people especially politicians.
The day the first home PC went on the market jobs began disappearing. It would be productive to work just how many jobs the home PC has destroyed- I would say dozens for each comp.
While computers open up new opportunities- those opportunities themselves also destroy jobs...such as Google, Facebook, Twitter etc which are destroying the media publishing business, scooping up all advertising yet employing a tiny fraction of people who were once employed in publishing.
As exampled by my pal who has run an advertising agency from the East End for 25 years. He employed nearly 100 people.
Today he employs under 40 yet he has expanded throughout the world via internet advertising , putting rivals out of business and makes more money per year than he did in ten.
I just toured a new film studio in Sydney which will work on special effects : 20 technicians will now produce FX with the most amazing programs- when 200 technicians were needed on computers 5 years ago and nearly bankrupted George Miller with his Penguin film.
And thus it goes on and on and around and around.
The dilemna : no politician will accept these grave challenges and attempt to work out a solution. They leave it to poor old Hedda
##end of Lesson 1 : Economics For Idiots.
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