Principles of Macroeconomics / Unit 4 MAC 0316 short lesson, about 20 seconds
Does Technology Destroy Jobs?
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The idea
New machines displace particular workers, and the common conclusion is that technology reduces employment overall. Across an economy the evidence runs the other way.
In practice
Through industrialization employment more than doubled and real wages rose despite heavy immigration.
Where people slip
More productive workers are worth more, so demand for labor rises. The displacement is real and local; the net effect is not.
Your place on the trail
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