Tuesday, February 24, 2004

Virginia Postrel argues that the BLS Current Employment Statistics (which I have wondered about before) are undercounting. She cites the examples of granite-top-counter craftsmen, massuers, spa employees, and manicurists, all types of jobs where she finds evidence that the vast majority of workers are not counted at all. This is yet more evidence that the outsourcing-fear mongers are wrong, and that the basic laws of economics work. New and more numerous jobs will always replace the ones obsolesced by technology and outsourcing, even if we don't know what these jobs will be.