Jocelyn Mel

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However, economic theory also holds open the possibility that the remaining workers would see an increase in pay. In particular, if their work complements the technology, then demand for their services will increase. In addition, as technical advances increase labor productivity, employers can afford to pay more for each worker. In some cases, this is reflected directly in higher wages and benefits. In other cases, the prices of products and services fall, so the real wage of workers increases as they are able to buy more with each dollar. As productivity improves, total amount of output per ...more
The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies
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