This Policy, Alone – Part 3

Part 1
Part 2

The modern world is different from the world of the recent past of, say, just 50 years ago. The nature of manufacturing, agriculture and services — the three broad categories of human enterprise — have been transformed in just a matter of decades. The biggest change has been that labor productivity has increased tremendously because of technological advances. These technological advances have increased the role of capital in the production process. That means every aspect of production, distribution and consumption of goods and services involves more machines and more automation now than it used to be the case. Continue reading “This Policy, Alone – Part 3”