“The Folly of Full Employment”
M. OLIVER HEYDORN critiques the political objective of full employment from a social credit perspective. Social credit advocates insist modern technology has rendered full employment impossible, and yet the fruits of technology, combined with a better and more just monetary system, can provide a basic income to all.
He writes:
One of the axioms of the existing economic order is the policy of ‘Full Employment’ (FE). Everyone must work for his daily bread or be dependent on those who do (via either redistributive taxation or increased public borrowings meted out in the form of welfare, unemployment insurance, pensions, etc.) when he is unable to work or when insufficient work is available.
Such a policy makes absolutely no sense. It is neither necessary nor possible to realize it.
It is not necessary because we are physically capable of producing everything that people can use with profit to themselves while only calling on a minority of the available labour force and the situation is steadily improving or deteriorating – depending on your point of view. Because of continuing (not to say ‘accelerating’) technological advancements, we can produce more and/or better with fewer and fewer people working. Indeed, it has been predicted that 50% of existing jobs in the US will be automated within 20 years. This is a hard fact of life. Insisting on full employment in the face of the fourth industrial revolution is simply puritanical foolishness which is bound to increase unnecessary strains and stresses until we reach a breaking point … from which they may be no return. (more…)






