Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics

by Henry Hazlitt

The belief that machines cause unemployment, when held with any logical consistency, leads to preposterous conclusions.

There’s a false implication today that machines (or more relevantly, AI) is going to put many workers out of their jobs. I found it interesting to learn more about the implications of AI on the economy, and how it has the potential to increase the output per worker, which is overall beneficial for the economy.

“We have reached a point today where labor-saving devices are good only when they do not throw the worker out of his job.”

THE ECONOMIC GOAL of any nation, as of any individual, is to get the greatest results with the least effort.