August 26, 2020
NO ONE WILL MISS JOBS:
JOBS ARE A COST NOT A BENEFIT (Tim Worstall, 8/26/20, Adam Smith Institute)
We desire that all be able to consume, that's true. This means both that things are produced so they may be consumed and also that people have incomes so they may collect those things that they consume. This is not, absolutely not, the same as the desire to create jobs.A job is the use of human labour to do something. We would much prefer - for we like leisure - that the consumption and the intermediary, the income (or, given that a real income is by definition what can be consumed, these two being the same thing) could be achieved by not having to employ that cost, the human labour.We would, as we have been doing these past couple of centuries, like the machines to be doing the work.This insistence upon "creating jobs" is to make the mistake Milton Friedman warned against. We want the ditch dug, certainly, we want everyone to be able to consume but issuing teaspoons isn't the way to do it.Jobs, the uses of human labour, are a cost of doing something, not a benefit.
Let the economy generate wealth as efficiently as possible. The redistribution of that wealth is a political question.
Posted by Orrin Judd at August 26, 2020 12:00 AM
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