Society, Politics & Law
60 second adventures in economics: The Paradox Of Thrift
...skills and techniques that let us produce more. And even if this new technology destroys jobs, wages will drop, and businesses hire more people – so unemployment falls again. Simple. At least in the long run... But then a "live-fast-die-young" kinda chap called John Maynard Keynes cheerfully pointed out that “in the long run we're all dead”. So, to avoid the misery...