Saturday, May 15, 2004


So, productivity is really good? Wow, I can't believe that capitalism may have been right all this time. It's just silly to imagine that productivity lead to lower employment. After all, if it did, then capitalism would just not work over time (if wages and employment were not affected by productivity, then the virtuous circle understood by the free market simply could not happen). Here's a report defending this obvious other words, Adam Smith may have had a point after all; surprise, surprise.

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