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Hopefully, else it probably isn't benefitting the economy. The industrial revolution killed millions of jobs by creating technology that made the jobs uncompet
by fleitz 15y ago
Hopefully, else it probably isn't benefitting the economy.
The industrial revolution killed millions of jobs by creating technology that made the jobs uncompetitive. No point in paying a person to push a cart of coal when you could have a steam engine do that.
That said the industrial revolution created millions of jobs by creating technology that required new jobs. No point in paying a person to design steam engines if no one uses steam engines.
The key to the economy is balance between production and consumption. By the time Henry Ford rolled around enough improvements to the production side had been made that we needed a 5 day 8 hour work week so that we'd have a chance to consume all the good we were producing.
My personal sentiments are that we need to rethink the work week in order to increase consumption and provide balance to the massive amount of goods and services we're now producing.