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Automation frees up money for new jobs

April 1, 2014
The Marietta Times

Your editorial cartoon of Tuesday, March 25, perpetuates the pernicious myth that automation or computers generate unemployment. It shows a man taking a driverless car to the unemployment office while reading a newspaper with the headline "Future economy: Many will lose jobs to computers." The plain fact of economics is that jobs are created by the money to pay for them. The history of capitalism has always been that of creative job destruction. From way back when the Luddites tried to smash the power looms because they destroyed the jobs of the hand-loom weavers. But every advance in technology and automation frees up money to pay for more productive jobs somewhere else in the economy.



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