Jobs are an overlooked output in many economic models
Traditional economic models of production may be need to be re-written in a job scarce economy. Most models take the input of labor, capital, land, and technology and produce a unit of goods or service as output. Little or nothing is said about how the goods are produced. Or the mix of inputs to produce items. All input are assumed fungableable and can be traded off.
But it turns out the volume and quality of inputs has a greater impact on the structure of society.
We may want to adapt policies that encourage the use of higer priced labor while reducing inputs such as kapital, land and technology. What would these industries and business look like. They look like museums, universities and arts institutions.
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- Jobs as an output. The Arts !!!
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