A couple of weeks back, I asked my 4 year old son Gun what he wanted to be when he grew up. He said, "I want to be a doctor...and a cowboy."
I liked the answer. I said, "A doctor? That's great!"
Gun was silent for a moment, and then he said, "But wait...where am I going to get a white shirt?"
Doctors will always have jobs, as will dentists, plumbers, Xerox machine technicians, and government bureaucrats. I worry about everyone else, including cowboys. In the computer age, most work can be outsourced. A lot of entertainment is now online, created and consumed for free.
I recently put up a post on bigWOWO referencing David Brooks and the Economist's opinion on Tyler Cowan's recent book "The Great Stagnation." Read it here. Cowan's theory, according to Brooks and the Economist, is that big growth takes place in a society where there is low hanging fruit--when there is a something that people need--food, education, a new technology. Now that almost everyone has computers, food, education, etc., there are no more big gains to be had in the U.S. The knowledge-heavy companies like Facebook and Twitter don't create that many jobs. Compare that with China and India--that's where the growth is going to be, according to the low hanging fruit theory.
Do any of you worry about the job prospects for the next generation? If so, what are your thoughts?