Is Average Over? And What To Do About It?
The claim: The age of average is over. Tyler Cowen says this, so does Tom Friedman, Andrew McAfee and others. All those middle class jobs, Administrators, Receptionists, Secretaries, Accountants, are going, and will be gone in the future. 47% of all of today's professions, mostly the refuge of the average among us, will disappear. The only jobs left will be those which require extra-ordinary capability and professional skill of some kind. In short, middle class is doomed. The economists have a solution - a sort of a negative income tax, or tax credit as it is known in Britain - to provide for them. All those who complain about dole must take note: We are heading for an universal dole of some kind. Though this does not sound very promising, this is at least better than those practised in some developing countries, where, if you missed the bus, you are left to fend for yourself. Welcome back Welfare State, though this shows we are running out of ideas. In a way, 'avera...