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IlyaShpitser comments on Open Thread, Apr. 20 - Apr. 26, 2015 - Less Wrong Discussion
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The Wall Street Journal has an article up claiming that the world economy is currently experiencing an excess of capital, labor, and commodities, and that this is potentially a cause of serious problems.
Could anyone explain to me how it is possible to have an excess of capital and an excess of labor?
ETA: You can get around the paywall by googling the title of the article and clicking the first link.
I am really confused by economics.
I can't see this article, what kind of labor did they have in mind? There is a chronic shortage of skilled/creative labor, so I am assuming they mean the kind of labor that's vulnerable to being automated away. Perhaps the key shortage that explains this situation is education and training. In a modern economy people and money isn't enough anymore.
You can access the full article by googling the article title. It should be the first link.