Machines
Labor is more scarce than the material factors of production. There are material factors of production which remain unused because the labor required is needed for the satisfaction of more urgent needs. In our world there is no abundance, but a shortage of manpower, and there are unused material factors of production, i.e., land, mineral deposits, and even plants and equipment.
The substitution of more efficient methods of production for less efficient ones does not render labor abundant, provided there are still material factors available whose utilization can increase human well-being. On the contrary, it increases output and thereby the quantity of consumers’ goods. “Labor-saving” devices increase supply. They do not bring about “technological unemployment.”
Comment by Healthy Food on 7 February 2012:
Hello there! This post could not be written any better! Reading through this post reminds me of my old room mate! He always kept chatting about this. I will forward this post to him. Pretty sure he will have a good read. Thanks for sharing!
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