The recession of 2008 may be the biggest economic event of our lifetimes. Let me explain. While there is lots of business and economic information(not news), very little actual affects the everyday, average person. We still hear about this company (Walmart, GE) or that business person(Bernake or Bezos), but it is really just background noise. We all have gone on with our lives and shopping hoping it will continue forever. Now the recession has awakened everyone to the key economic question of our time: Where will the jobs come from ?? And by extension, what kind of lives will we and our children have ??
The latest unemployment numbers have been released. There is great worry that only 115,000 private section jobs were created. There was also a reduction in government employment.
Each recession, is a chance for the economy to re-balance itself. We are clearing the real estate, finance and consumer credit bubbles. We are also staring to think about what type of economy and society we want to live in. When most of us were happy and fat, we did not have to think too much, but now that the real world is intruding, we are thinking a little more about economic markets. Are markets always the best way to achieve societies aims ?? Are they the best way to allocate resources ?? What is the best way to design and regulate for the benefit of society ??
And where will the jobs come from ??
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