For this week’s Acton Commentary, I examine the unseen good of technology and automation:
To circle back to manufacturing, more machinery does mean some less human work … at those factories … maybe. What people don’t see is that that machinery comes from somewhere. It represents entirely new industries that have been created and that employ many people of their own. That machinery needs to be maintained by people with the skill and expertise to do so. At the same time, because automation reduces the labor cost of production, it enables companies to lower prices to consumers while still increasing profits. What is a loss for the few is a win for the many.
Read the full essay here.