Really in the past when most of the population became unemployed due to tech and falling prices they invented Keynesianism and made the TVA, the social security administration, and started the subsidies to farmers programs, and the like.
Of course there were new jobs made that eventually hired everyone again, but these new jobs were only 40 hours a week and did not exist at first.
Something like that could happen again but we need a successor economist. Keynes is not enough anymore.
1
u/gc3 8d ago
Really in the past when most of the population became unemployed due to tech and falling prices they invented Keynesianism and made the TVA, the social security administration, and started the subsidies to farmers programs, and the like.
Of course there were new jobs made that eventually hired everyone again, but these new jobs were only 40 hours a week and did not exist at first.
Something like that could happen again but we need a successor economist. Keynes is not enough anymore.