Milton Friedman was once taken to see a massive government project somewhere in Asia. Thousands of workers using shovels were building a canal. Friedman was puzzled. Why weren't there any excavators or any mechanized earth-moving equipment? A government official explained that using shovels created more jobs. Friedman's response: "Then why not use spoons instead of shovels?"
Because:
Doing more with less is the road to prosperity.
Read the rest of the article:
Obama vs. ATMs: Why Technology Doesn't Destroy Jobs Russ Roberts, WSJ, 6-22-11
Update: Another good article on this same theme: Obama the Luddite: Friend to Labor Unions, Enemy of Job Creators
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1 comment:
Don't get me wrong, I'm a great admirer of Milton Friedman and I do believe that in the long run technology advancements are obviously the correct path. That being said, I think a reasonable answer to his question would be: "because people are stupid, but not THAT stupid!"
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