Unemployment and Job Creation in a Prosperous Economy

Most of the population in the Western world lives in prosperous societies today. However, Economics, according to its traditional definition, deals with allocation of resources in conditions of scarcity. Since the pressing problems nowadays are associated with abundance rather than with shortage, a new way of thinking is needed in order to cope with challenges which have not been experienced in previous eras. My purpose in the present article is to define the prosperous society and to discuss the phenomenon of technological unemployment in this society. I will argue that in order to describe and handle this sort of modern problem, new concepts and new economic models are needed.