The economist Wassily Leontief, writing in 1966, used the then-recent decline of horses to make vivid what he foresaw as the coming impact of technological advances on workers. In 1910, the horse had remained indispensable for farming, transportation, and even war, despite decades of the radical technological progress of the Second Industrial Revolution. By 1960, though, horses were obsolete for all of the above, the US horse population having fallen by 85% as a result.
In 1982, when unemployment topped 10%, continuing an apparent "chronic increase in unemployment from one oscillation of the business cycle to the next," Leontief's warning of a similar fate for humans seemed on track. But the chronic increase ended there,... (read 1379 more words →)