Are many jobs meaningless?
Too Many Jobs Feel Meaningless Because They Are – Bloomberg View – Medium
Then noting David Graeber's work on "bullshit jobs".
Some sizable fraction of people polled in the UK and Holland seemed to agree with this position.
Perhaps even more surprising is the nature of these “bullshit” jobs, as Graeber calls them. They aren’t in teaching, cleaning, garbage collecting or firefighting, but seem mostly to be in the professional services sector. ... human resources, public relations, lobbying or telemarketing, or in finance and banking, consulting, management and corporate law.
Then some examples of corporate makework that seem more like empire building and power struggles than anything valuable. But the trouble is that's where the money tends to be.
Many like to laugh at the absurd inefficiencies of the Soviet Union, where so many people only pretended to do useful work, yet this may be significantly true in Western economies as well (only in the West they actually get paid for it).
It is true. There are many factors that go into it.
We use to have a much more rounded idea of what businesses were suppose to do. They were the backbone of American exceptionalism, they built things, they looked after the welfare of their employees, they innovated, they invested, they took pride in their products, they were citizens of the country and the leaders of the community, the states and the nation.
This all started to change about forty to fifty years ago. Businesses had only one job, to make as much profit as possible for the owners or the shareholders of the businesses. Greed became a good. The business was fulfilling its responsibilities to the common good by making as much profit as possible, no matter how that was done.
There was nothing that the government did that private business couldn't do better and cheaper and if it did cost more for private business to do something that the government use to do it was the government's fault for putting too many regulations in the way of the businesses. Government itself should be run like a business. Government should be run primarily to satisfy the needs of business not the needs of people.
That economics had to change. We had to overcome the foolishness of Keynesian economics and its obsession with how the economy actually works and to return to the classical and the neoclassical economics of trying to change our economy into a self-regulating free market economy, which is the natural economy in spite of the fact that it has never existed in the entire history of man's civilizations.
And that the way to change our economy into a self-regulating free market was to treat our current economy as if it was a self-regulating free market and eventually it would be one. This is the new economy of neoliberalism that is actually the old economy of the gilded age and the many depressions and recessions leading up to the Great Depression. Before Keynes said we need to rethink our economics to one that looks at the real economy, not the fantasy economy of the free market.
And that in this new/old economics investment is more important than consumption, capital is much more important than labor, supply is much more important than demand. That demand is nothing more than the desire to own things and therefore is infinite. That investment creates demand, that you have to have investment before you can have demand.
This new/old economics and this way of treating the economy as if it was a self-regulating free market benefited the already rich and specifically the FIRE sector, the financial, insurance and real estate sector of rentiers.
The FIRE sector became filled with high paying jobs that attracted the very best and brightest because this is the way that it works in the new/old economics where the most valuable jobs are the highest paying.
But this isn't the case. The FIRE sector is not filled with exciting and fulfilling work. What the economy needs from the FIRE sector is pretty boring work, 90% of which could be accomplished with a not very complicated computer program. The economy and we need someone to make loans that the borrowers can pay back, a safe place to keep our money, a way to get paid and to pay our bills, a way to save and to grow our savings, some mitigation of risk to protect us and a way to buy and sell real estate so we don't have to steal it or to worry about ours being stolen.
All without these simple services costing an arm and a leg which would seriously burden the productive sectors of the economy because the FIRE sector isn't productive. Anything that they charge is non-productive and is overhead like rent. The most successful capitalistic economies are the ones that minimize things like rent, banking fees, interest, profits, etc., because not only is the FIRE sector a burden to productive parts of the economy, if we give them too much money they become unstable in a way that can bring the productive parts of the economy to a complete halt.
The new/old economy actually maximizes the money that goes to the FIRE sector.
And yes, I have done what I always do, bend the OP around to my pet theory, the evils of neoliberalism and of libertarian economics. This is because I do believe that it explains about 85% of the problems that we see today. But what ever you want to call it, neoliberalism and neoclassical economics doesn't explain any of it. They were baffled by the Great Depression, finally they said that the Fed caused it. But they couldn't back this idea up with any actual evidence. They were baffled by the Great Recession, and many of them said that it was the Fed, again, or the CRA or the various government sponsored mortgage re-purchasers, Fannie Mae, Gennie Mae, etc., but once again they were unable to come up with any real evidence for these assertions.