Lots of the traditional jobs for these people are disappearing in the rich world, and wages for remaining workers are pretty stagnant. The fact that the middle class is being hollowed out in country after country is rightly of concern. A large, stable, prosperous middle class is important for civil society; most informed observers agree that it supports inclusiveness, tolerance, democracy and many other good things. It is also a great engine of overall demand for an economy — lots of moderately affluent households buy lots of things. But what happens when the industrial-era jobs that underpinned the middle class start to vanish? Voltaire offered a prescient caution, observing: “Work saves us from three great evils: boredom, vice and need.”
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