There is remarkable angst growing over the role of machines in the production of goods and services. While we are right to be concerned over the labor market effects of automation, most folks worry about the wrong things. That can lead to some stunningly wasteful, if not outright hurtful, public policies. Here’s why.
All technological change, from the shovel to the microcomputer, is designed to save labor. At the same time — and only in market-based economies — new work continues to materialize and business endeavors to hire more workers. For all of recorded history, automation and productivity improvement creates […]
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