You’re ignoring that looms & agricultural improvements created unemployment — only the excess labor…
Bridget C
1

You mean, looms and agricultural improvements would have caused unemployment, except that the people who would have been unemployed migrated — any mysteriously, migrated to places where technological chances were even more jealously embraced.

Yes, Amazon put thousands of employers out of business, and made their former employees look for new work — which they could find because people who were saving all that money on books could buy more stuff!

This is a completely self-leveling process. Some individuals may be hard hit — maybe they preferred working at Borders to being an Uber driver, maybe they preferred working at a small-town hardware store to moving to a big city and working at a Starbucks — but they are outnumbered to people who prefer shopping at Amazon and drinking at Starbucks.

Show your support

Clapping shows how much you appreciated Michael Lorton’s story.