The Great American Job Machine

Skip Krugman (who is in the midst of his own “great unraveling”) and check out this NY Times opinion piece on the ever-changing American labor market:

Some people tend to forget this. The almost daily drumbeat of reports and "expert commentary" about a so-called jobless recovery prompts the question, "What's gone wrong with the labor market?"

The surprising answer: nothing.

The authors’ position is that improvements in technology mean that new business will live while others fade away (think: typewriters converted to word processors). And while new technology can be disruptive, it’s a natural evolution:

Large-scale upheaval in jobs is part of the economy; the impetus for it comes from technology, changing trading patterns and shifting consumer demand. History tells us that the result will be even more jobs, greater productivity and higher incomes for American workers in general.

Cool.