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viagra pills price uk One macroeconomic phenomenon the Fed canÃ¢ÂÂt affect is distribution. That is the effects of technology and globalization on the global distribution of producers and consumers. While automation will increase productivity and has create new and unrelated jobs. Over time the shift has been to more abstract occupations, well above subsistence, above agrarian and artisan, slightly beyond the current paradigm until the economy becomes postindustrial. Since WWII weÃ¢ÂÂve shifted to a knowledge economy. The knowledge worker, a service, can to some extent control production. However knowledge is a commodity that can potentially be evenly distributed around the world. Telecommunications, via globalization, has enabled knowledge as a service. One must ask what the value added of locality is. Certainly not all jobs benefit from global distribution. However, the increase in structural unemployment and a more flexible (Ã¢ÂÂtemporaryÃ¢ÂÂ) workforce implies there are deep structural problems, which I think can be fixed. However, in terms of Fed actions, they are reinforcing current structures, delaying the inevitable and letting policymakers off the hook while the pressure builds. Mostly because policymakers are not taking an integrated and holistic approach, (consider globalization). If we are to remain a consumer-based economy there are both supply and demand side issues to overcome, (even cheap energy may face a headwind). With potential conflicts lurking everywhere we will a best move sideways for some time.
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