4 ms·
The key is that machines (bulldozers, airplanes, websites etc.) multiply work to produce more wealth per unit of labor based on a productivity multiplier. Labor
by dave333 5y ago
The key is that machines (bulldozers, airplanes, websites etc.) multiply work to produce more wealth per unit of labor based on a productivity multiplier. Labor is a free market that can fail due to wages being insufficient or can be distorted by a minimum wage that may reduce demand for work to the point of significant unemployment. Need to model the whole system in detail to reach any conclusions. Single sentence observations are nearly always wrong in some respect.