The Industrial Revolution of the 18th Century has run into an impasse of a human population of 10 billion come the 21st century.
The party is at an end. A problem will be abject poverty.
Self rule in Africa has proved to be a disaster.
NEVER AGAIN INSTIGATE A REVOLUTION THAT CANNOT BE UNIVERSALIZED.
Time will tell.
I will never tell.
If you over look the exchange with Benoit and go back to my post I have some figures that the subsidy for a minimum wage job is $10,600 a year. Hardly any one commented. Growth is skewed to low paying positions, is economically backward. That's a fine kettle of fish.
……..What is wage disparity?
In Canada we have the Universal social programs. They are insurance for family and a subsidy to the worst off. They tax the better off so the poor can survive catastrophic health problems and that. The rational always was wage disparity. Wage what? Wage disparity is long forgotten by the elite in Canada, the comfortable pew. Very unfortunately politicians of all stripes, economists and sociologists are entirely forgetful of how our society is put together. In Ottawa the intellectual thing is to dwell on percent change in this or that parameter over the last 12 months, the trend. Meanwhile low wages have become a feature of the economic landscape.
Economics 101: It is not efficient for a firm to pay a worker more than it will earn in profits from his/her labor.
http://en.wikipedia.org/wiki/Marginal_revenue_product