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Robots Are Not the Enemy

September 9, 2013

The notion that technology, automation and productivity lead to fewer jobs and higher unemployment is simply wrong. There is no logical relationship between job growth and productivity. From a macro perspective, a nation could have high productivity but if they also have a declining workforce, the employment rate will rise. Or, in a micro example, if a firm uses the profits gained from higher productivity to hire more workers, employment will also increase.

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