economy and our jobs, but you have to remember there was a well-known economist whose name was john maynard keynes who in the 1930s wrote about automation. at the point he said technology replaces jobs, it doesn't replace work. that's been true up until now. some of the engineers are saying this time it's going to be different. this time it's going to replace work. i think that is yet to be proven. one of the striking point that gets overlooked, right now in america that are 145 million people working. that's what people at work then had ever been at work in american history. we've had 30 years of personal computers and all kinds of technology and are still more jobs. i say that, people come back and say yes, but, the labor participation rate is declining. that's the relationship, the size of the working population and the number of people at work. i looked at that very clearly. and it's true. it's not a historic low but it is low. but when you start to pick it apart and say why is this happening, why are people dropping out of the workforce? it's mostly about things like my generation, the baby b

society and the economy and jobs but you have to remember there is a well-known economist named john maynard keynes who in the 1930s wrote about automation and at that point he said technology replaces jobs, doesn't replace work and that is true until now and some of the engineers are saying this time it is going to be different, this time it will replace work. that is yet to be proven. one of the striking points that gets overlooked is right now in america there are 145 million people working, more people at work than had ever been at work in history. we had 30 years of personal computers and technology blowing into society and more jobs. people come back and say yes, but the labor participation rate is declining. a number of people at work have looked at that very clearly and it is true, it is not a historic low, but when you pick it apart and say why is this happening to it is not about technology. it is mostly about things like my generation, baby boomers are starting to retire. and it turned out technology is down and if you look at the rest of the workforce that is what is happening, casts ar

liz: in the 1930s, john maynard keynes, economic possibilities for our grand children.ed because of machines we would have only 15 hours work weeks. how will people survive on something like that? is my job going away? what would you say to them? >> look, i'm having this conference as you know next week. we're having world class group of thinkers, larry summers, tom friedman, arne duncan, david cameron from the uk to talk about "brexit." what we're tack about, what would a utopian world look like without work for most people? work is not just, for most people, let's face knit america, most of your viewers are working two jobs just to make ends meet. if we could figure out a way to use technology to not just enrich the business owners because they have less employees but cut down costs of average americans life-styles. liz: yeah. >> encourage 3d printers that can build houses to start making panels inexpensively, your mortgage payment gets cut in half. liz: listen, before we go, you founded a school for your kids in palm batch because you didn't like the schools that wer

economists had new ideas and built upon the work of john maynard keynes and some of the experience of the war about how to use the powers of government to provide full employment and steady economic growth. naturally, perhaps, as economies grew well in the 1950's and 1960's as incomes rose and unemployment stayed generally low, the economists claimed credit. one of these was walter heller, some of you may remember him as chief economic advisor to president kennedy and president johnson. shortly after leaving office, he gave a famous lecture at harvard in 1965 in which he claimed so far that the government knew how to adjust spending and taxes to maintain full employment without pushing up inflation. it, economics had replaced emotion with reason. this notion that the economy was reasonable got a lot of traction in the postwar period. no one was this attitude more than carl schiller. he's shown here as the leader of the christian socialists in germany. he was a trained economist with a doctorate in economics. his notion was that it was possible to maintain an equilibrium of steady econ