Comment: First of all, do you always over-react when you reply?

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First of all, do you always over-react when you reply?

It is not bogus because it is happening. !!!!~! And just because it's suggested, doesn't mean someone is an idiot. I'll put my economics knowledge against yours any day.

That said, I'm familiar with the logical miscalculations of the broken window fallacy and Ricardo effect. They are correct in a perpetually-advancing society but they have their limits. Those limits are never accepted by their promoters, i.e. you.

At what point do people say they have enough BS new gadgets and services in their lives? When will people say their done working for nothing but more junk? Well, we're fast approaching that point. We do or will soon have a single electronic gadget (one mobile and one for home) that does everything we want now and can want in our foreseeable future. We have abundance without time constraints on what foods we choose to eat, what shelter we desire, what education and communication we choose and even many other things like transportation and energy. Granted, those last two will be advancing tremendously here shortly but in doing so, you should know that the trend will be away from planned obsolescence and toward local and longevity.

Keep in mind that I'm not saying there won't be any new gadgets or services. I'm saying that when the average Joe worker gets enough things accumulated and becomes self sufficient enough to live comfortably without continued purchases, he will simply stop trading his time for more stuff.

So, to your assessment, I would say that at all times in the past, you would have been correct. And for most things today, you may still be correct. But there's no arguing that we are steadily approaching the pinnacle of technology in some areas and that number only stands to grow at faster and faster rates. Once you fully automate an entire restaurant, how can you add more customer experience? How can you produce more fluff jobs in the travel industry when the entire industry can be replaced by a few web sites? When we get every feature we want in a cell phone / iPad / laptop / computer (and the only new things come in the form of free apps), what will employ more people in that industry?

The writing is on the wall as we've seen in the US in recent decades. Jobs used to be highly skilled and then they became low skilled via automation and computer controls. This allowed them to be outsourced to cheaper labor markets (while the profits quietly soared). What happens when they get so low skilled that the people are no longer needed? As a former automation engineer, I can show you an example of nearly every manufacturing job known today being done by non-supervised robotics somewhere in the world. I think it's pretty naive to simply dismiss this progress because your textbooks don't believe in it.

By the way, Mises is usually very good but still misses some points that he takes for granted. I couldn't stand Hazlitt. Too generic textbook to see a different world.