Computers Quote by Henry Hazlitt
““It is a misconception to think of the function or result of machines as primarily one of creating jobs . The real result of the machine is to increase production , to raise the standard of living, to increase economic welfare. It is no trick to employ everybody, even (or especially) in the most primitive economy. Full employment—very full employment; long, weary, back-breaking employment—is characteristic of precisely the nations that are the most retarded industrially. Where full employment already exists, new machines, inventions and discoveries cannot—until there has been time for an increase in population—bring more employment. They are likely to bring more un employment (but this time I am speaking of voluntary and not in voluntary unemployment) because people can now afford to work fewer hours, while children and the overaged no longer need to work.””
About This Quote
Source Book: Economics in One Lesson, Henry Hazlitt, 1946
Machines boost productivity and living standards, not necessarily job numbers; full employment can coexist with underemployment and reduced work hours.
In simple terms: Machines raise output, not always jobs.
Key Takeaway
Focus on productivity gains, not job counts.
Themes
economics
productivity
employment
technology
standard of living
Mood
thoughtful
analytical
Type
economic
philosophical
When to use this quote
- policy making
- business strategy
- career planning
- social welfare planning
Key Concepts
capitalism
labor market dynamics
technological displacement
Questions to Reflect On
- How can societies balance productivity with fair wages?
- What policies protect workers during tech transitions?
A Different Perspective
Assumes all societies can afford reduced hours, ignoring inequality.
