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by netcan
3751 days ago
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Dynamic effects are really hard to talk about deterministically. Generally speaking, technology is always creating efficiencies and unemployment usually ranges in a range, over the long term. Some technology advances seem to reduce unemployment. When factories were doubling efficiency several times in an average career-span, employment in manufacturing kept going up and so did pay. This was a long period. It started with farmworkers (replaced by automation) urbanising to work in the rapidly advancing, high tech manufacturing sector. The factories kept automating more and more. Efficiency went up. During long periods labour got a good cut of these gains, salaries rose. At other times and other technological events (including trade which is economically very similar to technology) unemployment went down in the sectors closely linked to the tech. |
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