Replacement of jobs by technology a timebomb

Bill Gates has warned about the number of jobs that will be eliminated by computerisation. The Economist magazine has warned of a tornado of job elimination in office work.

Perhaps these warnings will force economists to think about how technology has transformed economic activity. The balance of supply and demand has been reversed; supply exceeds demand, rendering economic growth unnecessary and yet all recovery strategy is based on restoring growth.

Throwing money at growth gave rise to unmanageable debt; growth cannot occur when growth is not needed and overproduction capability ensures growth that it is no longer needed.