So once it became important to increase efficiency, that’s exactly what the oil industry did. It let people go and it invested in automation.
The Real Story of Automation Beginning with One Simple Chart
Scott Santens

I believe that this the same thing that happens with increases in the minimum wage. Businesses absorb the cost until the next downturn. Then layoffs are deeper and longer term than they would have been.

Just a theory. No data to back it up.



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