Jobs are not Scarce

azmytheconomics

The buzzword in politics these days is “jobs”. It seems all anyone can seem to talk about is how to increase the number of jobs available. The underlying theory seems to be if we don’t pass enough laws, all the jobs will disappear and everyone will sit around unemployed. While this is a common paradigm, it is a rather strange way to look at an economy.

The purpose of an economy is to satisfy as many wants and needs of human beings as possible. All the natural resources of the world have been sitting around since the dawn of time, but the process of arranging them takes work. The whole point of technological progress is making more of the stuff people want with fewer resources. Popular rhetoric would have you believe that the best system is one where the most labor is used to produce the fewest goods. Ideally…

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