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IIRC, manufacturing output reached an all-time high in 2018. We're doing that in higher-margin industries with fewer workers. So, I'm not sure "capacity has b
by alistairSH 5y ago
IIRC, manufacturing output reached an all-time high in 2018. We're doing that in higher-margin industries with fewer workers. So, I'm not sure "capacity has been destroyed" is even remotely accurate in any general sense.
- Retric 5y agoMeasuring manufacturing output in dollars isn’t a counter argument. A Yacht may be worth 1,000,000 TV’s, but it doesn’t represent anywhere near the same industrial capacity. Especially if the components of said yacht / car / etc where imported. It’s not even purely a question of economics. In a crisis like COVID you can easily prevent exports to meet local demand. Trying to force imports on the other hand doesn’t work.