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Unemployment and Transformational Growth in the Long Run

  • Edward J. Nell
Chapter
Part of the Binzagr Institute for Sustainable Prosperity book series (BISP)

Abstract

The movement from rural to urban, from traditional agriculture to modern industry, is set in motion by capitalist development and is a central feature of the emergence of the modern world. But it rips apart the fabric of traditional life, creating uncertainty, while rendering many traditional skills, and a great deal of knowledge, obsolete. It creates a new world, where the traditional morals and manners may no longer be appropriate. But not only will the new world generally not absorb all those displaced from the old; it will itself discard the moderately stabilizing market mechanisms of the older Craft-based capitalism, and, moving into mass production (and later the information economy), come to work in a new and more unstable way. This long-term pattern of development provides, perhaps, the basic perspective for understanding unemployment in the modern era.

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Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Edward J. Nell
    • 1
  1. 1.The New SchoolNew YorkUSA

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