That the frog is still alive doesn't mean it won't eventually boil...
Yeah, the idea that lost jobs will always be replaced is the economic equivalent of Moore's law. It would break down were we to reach a point where we had robots who could do any task we assigned them.
It seems unlikely we will get there. For a while. But machines are moving up the value chain and are becoming more and more capable of doing sophisticated tasks. Every ten high value jobs are being replaced by one or two high skilled ones and a lot of low skilled, low value jobs. That's why productivity is dire. That's why twenty and thirty year olds are, overall, worse off than their parents were at a similar age.
Maybe it's a blip and we'll figure out a way. Clearly, part of the problem is that money is being hoarded. But I'm sceptical that the jobs will inevitably appear due to some unseen force of economics.
Biting the hand that feeds IT
