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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 165.07

-1.0%

Nov 18 3:59 PM EST

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To: Maurice Winn who wrote (16820)	10/21/1998 6:58:00 AM
From: nihil	Read Replies (1) of 152472

RE: Rockbreakers There are probably no industries in which the marginal rates of substitution of capital for labor are higher than ditchdigging and roadmaking, thus a small investment in a ditcher or dozer displaces a huge number of weak, ill-educated, and badly paid laborers in either industry. I was astounded 25 years ago to see the biggest, toughest equipment of the time being used to plow the fields and build roads in northeast Thailand while millions of people (fully capable of doing the work by hand) were unemployed in the dry season. I (along with many others) reported to the World Bank that there were enormous opportunities to divert labor into industry and that the educational system needed serious upgrading in business and technical occupations to permit economic growth to occur. No one thought it would be a good idea to replace the road and farm machinery with human sweat and toil.

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