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Macroeconomics 5th Edition by Olivier Blanchard
Edition 5ISBN: 978-0132159869Macroeconomics 5th Edition by Olivier Blanchard
Edition 5ISBN: 978-0132159869 Exercise 1
Technological progress, agriculture, and employment
Discuss the following statement: "Those who argue that technological progress does not reduce employment should look at agriculture. At the start of the last century, there were more than 11 million farm workers. Today, there are fewer than 1 million. If all sectors start having the productivity growth that took place in agriculture during the twentieth century, no one will be employed a century from now."
Discuss the following statement: "Those who argue that technological progress does not reduce employment should look at agriculture. At the start of the last century, there were more than 11 million farm workers. Today, there are fewer than 1 million. If all sectors start having the productivity growth that took place in agriculture during the twentieth century, no one will be employed a century from now."
Explanation
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First we need to address the drop in agr...
Macroeconomics 5th Edition by Olivier Blanchard
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