Interviewed by Phil Bowermaster here. I elaborate on my thesis that the Great Depression was a major transition and that we currently are undergoing another major transition.
Nov 24 2011
The blogger at The Oil Drum writes: We are dealing with a large number of countries with very different energy intensities. The big issue would seem to be outsourcing of heavy manufacturing. This makes the energy intensity of the country losing the manufacturing look better. Outsourcing transfers manufacturing to a co...
Nov 24 2011
Michael Mandel writes, real state and local government output, as measured by the BEA, has been effectively flat since 2001. To put it a different way, the stagnation at the state and local government level started way before the 2007 recession. Pointer from Mark Thoma. I suspect that there are two reasons for this. ...
Nov 23 2011
Interviewed by Phil Bowermaster here. I elaborate on my thesis that the Great Depression was a major transition and that we currently are undergoing another major transition.
READER COMMENTS
JP Koning
Nov 24 2011 at 10:05am
I enjoyed the interview, especially the parts on teaching yourself.
If the computer and internet revolutions are creating a major restructuring in the job market, then why does Canada not seem to be affected? (see http://www.journalofcommerce.com/images/archivesid/45213/199b.gif)
We are right next to the US, and similar in almost every respect, so we should be going through the same transition. I don’t think Canada’s strong job market can be pinned on Canada’s buoyant resource sector, since the number of goods producing Canadian jobs is no higher today than it was in 1991, and comprises only a fraction of total jobs.
Arthur_500
Nov 24 2011 at 12:05pm
Canada hs a much smaller population and the effect of the oil industry on the economy is maintaining a level of “equilibrium”. Until the imbalance becomes great enough either through a greater sized population or obsolete indstrial capacity there will be no need to restructure the entire socizl structure.
As Marx claimed, then there will be a total revolution in the society as everything must be restructured to accomodte the new normal.
JP Koning
Nov 24 2011 at 2:45pm
Even non-oil producing provinces like Ontario, Quebec, and BC have low unemployment rates relative to the US. Quebec is not far off a 40 year low in unemployment. Ontario and Quebec’s population is bigger than most US states’ populations. I think I still need to be convinced.
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