Economics

"OPEC's Existential Sucker Punch"

As the saying goes, it couldn't happen to a nicer bunch of guys.

You wait decades for an existential crisis, then two come along at once. At least that's how it must feel for OPEC's beleaguered ministers. In the short term the market for their oil is being eroded by rising production outside their control. Looking further ahead, oil demand itself is under threat from the electrification of road transport. OPEC may not yet be dead, but its days are surely numbered.


"The Myth of Technological Unemployment"

Deirdre McCloskey:

Otherwise sensible folk are, for some reason, terrified by robots. Yet the results of automation are good overall. Workers move from wretched assembly-line jobs to better ones standing in white coats monitoring the robots, at the higher wages made possible by the higher tech. Or, even better, they move to jobs outside the auto industry, earning pay that goes further because people can buy the radically cheaper stuff the robots now make.

I'd add: the "terror" arises mostly from the fear that our educational system won't foster the move to those better jobs.