The Shortage Of Tech Jobs Is A Joy Of The Tech Revolution, Not A Problem With It

Over in the Wall Street Journal Jon Hilsenrath and Bob Davis have got sucked down the rat hole of the assumption that the purpose of the economy is to produce jobs that people can do. By starting from this erroneous position they then lament the fact that the current boom in the tech sector isn’t producing as many jobs as the tech boom of the 1990s. This is simply the wrong way around. As Adam Smith pointed out 240 years ago, the point and purpose of all production is consumption. In the larger sense we care therefore only about what people are able to consume–and our only worry about production is that things which people wish to consume are being produced.