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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (11439)	11/27/2001 3:47:17 PM
From: Moominoid	Read Replies (1) \| Respond to 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.

To: Maurice Winn who wrote (11439)	11/27/2001 8:55:51 PM
From: LLCF	Read Replies (1) \| Respond to of 74559

<But actually David, there has been an inexorable increase in the demand for labour.> Agreed... but it's all about the new people needing to survive. <There are now billions more people doing much more useful things than were doing useful things 100 years ago. The value of the things they are doing continues to increase.> Doing much more useful things??? You mean living? LOL, you know it's interesting... in economic terms lives are worth so much more than they used to be... can this be? <The 'everyone will be out of work and have no income' eternal worry has never come to pass.> Never is a long time. <The Luddites didn't like modern weaving methods. Today, the same old worries continue.> I don't think you have to be a luddite to wonder about such things with less certainty than you. That said, I certainly don't lose any sleep over it... DAK