anucha sirivisansuwan/Getty Images The basic fact is that technology eliminates jobs, not work. It is the continuous obligation of economic policy to match increases in productive potential with increases in purchasing power and demand. Otherwise the potential created by technical progress runs to waste in idle capacity, unemployment, and deprivation. — National Commission on Technology, Automation and Economic Progress, Technology and the American Economy, Volume 1, February 1966, pg. 9.
The fear that machines will replace human labor is a durable one in the public mind, from the time of the Luddites in the early 19th century. Yet most economists […]
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