Re:The threat of technological unemployment
by intrasight on Tuesday December 27, 2016 @03:56PM
(#13266114)
Pittsburgh here. This happened - mills all closed. Tens of thousands out of work. Pure "Capitalism" doesn't exist. It's an economic theory like "market clearing". In real economies people vote. And they can vote to give themselves benefits.
What really happened is that the local economy remained "depressed" until some more of that "market clearing" occurred. Now, a generation later, we are a much smaller city. The mill workers are gone to pasture (with their benefits they voted for themselves) or passed. The new generation works in the financial, service, or "Eds and Meds" economy, and we're doing fine. There is in fact still a good amount of manufacturing in the region. Being "depressed" actually makes us attractive to young adults since they can afford to buy a house here.
What really happened is that the local economy remained "depressed" until some more of that "market clearing" occurred. Now, a generation later, we are a much smaller city. The mill workers are gone to pasture (with their benefits they voted for themselves) or passed. The new generation works in the financial, service, or "Eds and Meds" economy, and we're doing fine. There is in fact still a good amount of manufacturing in the region. Being "depressed" actually makes us attractive to young adults since they can afford to buy a house here.