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by tomrod
2697 days ago
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Actually... Production has three components: capital, labor, and technology. Automation, as I understand it, both improves technology and lowers the cost of capital. If I recall right, this strand of economic lit is called Total Factor Productivity.[0] I believe the Wheel falls squarely in the technology bracket. [0] https://en.m.wikipedia.org/wiki/Total_factor_productivity |
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