Structural Evolution is the Root Issue

I don't agree with a whole lot of this Robert Reich post, but he is spot on with this paragraph:

The basic assumption that jobs will eventually return when the economy recovers is probably wrong. Some jobs will come back, of course. But the reality that no one wants to talk about is a structural change in the economy that's been going on for years but which the Great Recession has dramatically accelerated.

Recalcuation Theory, in a very, very small nutshell. The sooner this reality is addressed, the better.

(HT: EconLog)

Robert Reich and the Keynesian Argument