Wednesday, June 22, 2011

ATMs = Job killers?

From: Forbes
By: Tim Worstall

Yes of course mechanisation of a task destroys the jobs of those who previously did the task. That’s the whole point of mechanising the task. So as to free up that valuable labour so that it can go and do something else. Which makes us all richer.

For now we’ve got the output from that newly mechanised task plus the outout from the new work that is being done by the newly freed labour. If our displaced teller now works in pre-school, changing diapers, then we’ve both a way of getting money from the bank and clean and smiling babies. As a society, we’re richer, for before we faced the choice of either banking services or smiling babies.

Read the entire Forbes Story HERE.

Read the original comment and contradicting employment statistics HERE.

Image Credit: Culver-Union Township website

No comments: