On January 23, 2013, Tiffany Hsu writes in the Los Angeles Times:
The number of unemployed workers worldwide has boomed by 28 million people in the five years since the global financial crisis began, leaving 197 million people without jobs last year, according to a new report.
The numbers show a “crisis in labour markets of both advanced economies and developing economies,” according to new data from the International Labour Organization.
The two major reasons for the disparity between job openings and unemployment and the prospects for future JOB CREATION is the lack of skills required to be competent in such unfilled positions and the exponential impact of technological unemployment which is destroying or devaluing the need for labor input to product needed and desired products and services. The lack of skills disparity is evident across industries for low-skills jobs requiring high school diplomas all the way to high-level positions requiring more advanced degrees.
But even with well educated and skilled workers available to fulfill job positions available, private sector job creation in numbers that match the pool of people willing and able to work is constantly being eroded by physical productive capital’s ever increasing role. The role of physical productive capital is to do ever more of the work, which produces income. Full employment is not an objective of businesses. Companies strive to keep labor input and other costs at a minimum. Over the past century there has been an ever-accelerating shift to productive capital––which reflects tectonic shifts in the technologies of production. The mixture of labor worker input and capital worker input has been rapidly changing at an exponential rate of increase for over 235 years in step with the Industrial Revolution (starting in 1776).
The solution is not a focus on JOB CREATION but a focus on OWNERSHIP CREATION. There is a solution. The Just Third Way Master Plan for America’s future is published at http://foreconomicjustice.org/?p=5797.
The fundamental economic solution is to create income for EVERY American by simultaneously broadening private, individual ownership of FUTURE productive capital economic growth and fully paying the profit dividends to the new American owners of the income-producing capital assets of our corporations.
Support the Capital Homestead Act at http://www.cesj.org/homestead/index.htm and http://www.cesj.org/homestead/summary-cha.htm
http://www.latimes.com/business/money/la-fi-mo-global-unemployment-20130122,0,3819636.story
