Authored by Charles Hugh-Smith via OfTwoMinds blog,
Everyone wants an abundance of "good paying" jobs, but employers can only afford to pay employees if the work being done is profitable.
What's abundant and what's scarce? The question matters because as economist Michael Spence (among others) has noted, value and profits flow to what's scarce. What's in over-supply has little to no scarcity value and hence little to no profitability.
What's abundant is unprofitable work, commoditized goods and...