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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Maurice Winn who wrote (11439)11/27/2001 3:47:17 PM
From: Moominoid  Read Replies (1) of 74559
 
Lots more people are employed using more capital each and a higher level of technology and therefore earning higher wages. But see what happens if GDP is just flat, especially in European countries or Australia where wages are pretty "sticky" - up goes unemployment. That shows the underlying process of labor-saving technical change.
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