Comment: Full Production vs Full Employment

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Full Production vs Full Employment

The issues is not new as during the industrial revolution the same rhetoric that machines were taking mens jobs was used to scare people, just as it is today with the technological advances.

The other night I heard mainstream stats on how many jobs are forecast to be lost with the gains in technology and how by 2021 it would be a big deal and the government will have to get involved.

Now consider an argument based on employment versus production. Have you read Economics in One Lesson? I posted a link to the PDF below. It is free from Mises.org

You have identified many positive outcomes from using labor saving technology. New labor saving machines must first be developed & produced, installed, and operators must be trained. Production also needs technicians to maintain such equipment. The new equipment is justified when the technology raises production by increasing efficiency, and that is the point.

The argument of Full Employment versus Full Production stands out the most for me on this. The government looks too often at full employment without regard for full production. The bottom line is you CAN have full employment without full production, but you can NEVER have full production without full employment.

Have you read Econ in one Lesson. Here is the PDF on-line

Check out the PDF online for Economics in One Lesson is a great read and a small book and I highly recommend.

http://mises.org/books/economics_in_one_lesson_hazlitt.pdf

--3D