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rand_r | 1 year ago
From Henry George:
> Now, to produce wealth, two things are required: labor and land. Therefore, the effect of labor-saving improvements will be to extend the demand for land. So the primary effect of labor-saving improvements is to increase the power of labor. But the secondary effect is to extend the margin of production. And the end result is to increase rent.
> This shows that effects attributed to population are really due to technological progress. It also explains the otherwise perplexing fact that laborsaving machinery fails to benefit workers
Isamu|1 year ago
I disagree, the reason why workers don’t benefit is because they are mostly paid to put hours in. Owners claim the gains of better machinery because they reason it is a capital investment at the business level.
Really I don’t see why see why this is perplexing. What is really perplexing is that some economists thought that productivity gains would somehow accrue gains for workers.
llamaimperative|1 year ago
HN is full of people who happily and earnestly propagate this "obvious" falsehood.