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" 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 unemployment (but this time I am speaking of voluntary and not involuntary unemployment) because people can now afford to work fewer hours, while children and the overaged no longer need to work. "

Henry Hazlitt , Economics in One Lesson: The Shortest & Surest Way to Understand Basic Economics


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Henry Hazlitt quote : It is a misconception to think of the function or result of machines as primarily one of creating <i>jobs</i>. The real result of the machine is to increase <i>production</i>, 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 <i>more</i> employment. They are likely to bring more <i>un</i>employment (but this time I am speaking of <i>voluntary</i> and not <i>in</i>voluntary unemployment) because people can now afford to work fewer hours, while children and the overaged no longer need to work.