State of Large-Scale Underemployment

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A State of Large-Scale Underemployment is a societal underemployment state with an underemployment rate greater than 33%.



References

2014

1983

  • (Leontief, 1983) ⇒ Wassily Leontief. (1983). “Technological Advance, Economic Growth, and the Distribution of Income.” In: Population and Development Review, 9(3). doi:10.2307/1973315
    • QUOTE: ... the process by which the introduction of tractors and other machinery first reduced and then completely eliminated horses and other draft animals in agriculture. The competitive price mechanism played a decisive role in this process. Even if horses were ready to accept smaller rations of oats or hay per working day, the process of their gradual elimination would slow down only temporarily; more and more efficient tractors would come along, and finally, unable to compete with superior performance of machines, horses would lose their jobs. The outcome would, moreover, be brought about by the perfect operation of the free competitive price system that would automatically compare the cost of different technologies competing with each other. If horses had controlled the government, this would have been a quite different story. But this brings us back to the problem of human technological unemployment and income distribution.