A new economy is emerging as the old economy falters, writes Econ4’s Juliet Schor in the New York Times:
[W]hile they are no panacea, the emergent trends of community fabrication, self-provisioning and the sharing economy collectively suggest a future for work in wealthy countries that involves more making, sharing and self-organizing. There may be fewer formal jobs — but a more entrepreneurial approach to making money, one that emphasizes smaller-scale companies and collectively owned enterprises, more sharing, and less spending. As painful as the years since the crash have been, a more resilient, satisfying and sustainable way to work and live could be one beneficial consequence.
Read her op-ed piece here.
Econ4’s Juliet Schor calls for getting real to create jobs for youth:
It is not surprising to learn that last year’s class suffered the highest level of stress on record, according to an annual survey of college freshmen taken over the past quarter century.
One reason the situation is so bad in the US is that nearly all the burden of adjustment since 2008 has been to lay people off, rather than share hours, as was done in Europe.
Read more here.
“One has to recapture the idea that there is something called a good life to which wealth is a means…”
In the models of neo-classical economics times like the present are assumed away. But when we’re actually living through them, we need to recognise that measures that result in higher hours can be counter-productive by creating more unemployment and investor pessimism. Similarly, responding to shortfalls in pension programs by asking people to stay in the labour force more years further dis-equilibrates the market by creating more demand for a limited number of jobs.