Cropped picture of Joseph Stiglitz, U.S. economist. (Photo credit: Wikipedia)
We cannot “restore full employment” as Joe Stiglitz suggests because with nanotechnology, 3D printing, cybernetics, AI and robotics, many of the jobs that blue collar workers used to do will be eliminated.
Eric Schmidt of Google in remarks made in secret at the 2013 Bilderberg meeting in England predicted the elimination of 50% of American jobs by 2033 and then repeated the leaked remarks on You Tube this year.
Dr Alf will know that American worker productivity is among the best in the world, so the equivalent figure for somewhere like the UK, would be much higher (in terms of loss of blue collar jobs, say 60-70% erosion).
What we can do is start to narrow the gap between those at the top and those at the bottom and encourage the less academically inclined to start their own businesses in business boot camps and intensive incubators. We also need to benchmark against the Chinese because globalization means the Chinese are coming.