Evidence shows increased productivity leads to more wealth, cheaper goods, greater spending power and ultimately, more jobs
By Christopher Mims of the WSJ .
There are four types of unemployment: seasonal, structural, frictional and cyclical.Structural unemployment is unemployment caused by a mismatch between the skills of job seekers and the requirements of available jobs.One example of this is when you are replaced by a machine, like bank tellers who were replaced by ATMs. Another example is when there is a fall in demand for your product, so you get laid off, like with typewriters since people now use computers. […]
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