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And workers were likely laid off from other companies who lost competition.
by riku_iki 9y ago
And workers were likely laid off from other companies who lost competition.
- adventured 9y agoThat assumes a zero sum game, which is not how the world actually works. Which is why China could go from $1.x trillion to $11.x trillion in GDP in just ~17 years, while the US - the world's largest economy - simultaneously still managed to add $8+ trillion to its GDP. Global and local economic growth makes it possible to absorb slack labor. Which is why we have 7+ billion people on earth, while simultaneously the global median income has been rising for decades nearly non-stop, the global median living standard is at an all-time high, and famines are at an all-time low. If it worked in any regard as a zero sum game, most of those people would be dead or never would have existed in the first place.