Will There Be a Job for Me in the New Information Age?
The Information Age may present difficulties for the captains of industry … By replacing more and more workers with machines, employers will eventually come up against the two economic Achilles’ heels of the Information Age. The first is a simple problem of supply and demand: If mass numbers of people are underemployed or unemployed, who’s going to buy the flood of products and services being churned out? The second Achilles’ heel for business – and one never talked about – is the effect on capital accumulation when vast numbers of employees are let go or hired on a temporary basis so that employers can avoid paying out benefits – especially pension fund benefits. As it turns out, pension funds, now worth more than $5 trillion in the United States alone, keep much of the capitalist system afloat.
