Friday, December 11, 2009
Thoughts on the Recession
One way to correct that would be to share the work, i.e., to have large numbers of people working part time, or to simply reduce the typical work week to something well below 40 hours. This would also correspond with a transition to a sustainable economy, rather than a growth economy. Of course I am strongly in favor of such a transition, but at present this represents a minority viewpoint, and a very small minority at that.
What is actually going to happen is a slow return to excess production so that Americans can have lots of junk that they don't need and most people will again work 40 hours or more. But that is not sustainable, so there will be another recession, likely worse than this one, and I would guess this will happen about 2014, where it will coincide with large numbers of baby boomers reducing their consumption levels.
That recession could be postponed for many years if green industries boom in a big way.