Yes, that's my understanding of what's happening. But then that's (in general) job destruction, and if we believe these are connected processes, then we wouldn't be good social scientists if we added the word 'creation' to it if it's a negative-sum game, no? Or at least if we failed to hedge our bets through fun oxymorons like:
creative destruction annihilatory ingenuity productive ruination devastating dynamism
Jonathan
Doug wrote:
Of course, you can have both strong job creation and higher unemployment, if the economic transformation drives people off the land and into the cities searching for industrial employment. Rising employment can increase the size of the labor force, and if the LF increases more rapidly than employment, the unemployment rate will rise.
Stephen Philion wrote:
Everything I've read/heard/seen about China suggests there's been massive job creation; overall, real incomes do seem to be rising; mainland firms are climbing the technology ladder very quickly; investment levels are very high (maybe 30% of GDP, or higher); China's foreign reserves keep swelling; and Taiwan continues to flourish. What's the evidence to the contrary? (A real, not a rhetorical, question.)
-- DRR
--surely that cannot be all that you've heard?
China frets over unemployment, weak rural incomes
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