Machinery Question

Discipline: Economics

English merchant and writer John Cary (d.c.1720) first dealt with the impact of the introduction of machinery on employment, an issue later examined by classical economists such as the English economist David Ricardo (1772-1823).

Ricardo saw increased mechanization as reducing the wages fund, although the English philosopher John Stuart Mill (1806-1873) argued that any fall in wages would be temporary.

The issue is still important in understanding Third World economics.

Also see: technological gap theory

Source:
J Cary, A Discourse on Trade (London, 1695); K Wicksell, Lectures on Political Economy (London, 1911)

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