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if employment reduced, did the industry contract? Or did it maintain its size and make do with less employees? It's not good for the individuals, but in broade
by zmmmmm 1y ago
if employment reduced, did the industry contract? Or did it maintain its size and make do with less employees?
It's not good for the individuals, but in broader economic terms, an industry that delivered the same value with less people is effectively increasing productivity which is economically generally a good thing. Of course one industry is not a closed system, whether those unemployed people go and contribute somewhere else in the economy or sink into unemployment is a critical question.
If the industry contracted then it's harder to argue it's a good thing.
- bluefirebrand 1y ago> It's not good for the individuals, but in broader economic terms, an industry that delivered the same value with less people is effectively increasing productivity which is economically generally a good thing Not if all (or the vast majority) of the extra value produced is captured by a vanishingly small portion of the population That is the trend we are following and it is exceptionally bad