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Quine · 10-08-2014, 07:27 PM

The Luddites were 19th-century English textile artisans who protested against newly developed labour-replacing machinery from 1811 to 1817. The stocking frames, spinning frames and power looms introduced during the Industrial Revolution threatened to replace the artisans with less-skilled, low-wage labourers, leaving them without work.

Economists apply the term Luddite fallacy to the notion that technological unemployment leads to structural unemployment (and is consequently macroeconomically injurious). If a technological innovation results in a reduction of necessary labour inputs in a given sector, then the industry-wide cost of production falls, which lowers the competitive price and increases the equilibrium supply point which, theoretically, will require an increase in aggregate labour inputs.

http://en.wikipedia.org/wiki/Luddite

10-08-2014, 07:27 PM
Quine Confirmed User Industry Role: Join Date: Jan 2013 Location: Croatia Posts: 308	The Luddites were 19th-century English textile artisans who protested against newly developed labour-replacing machinery from 1811 to 1817. The stocking frames, spinning frames and power looms introduced during the Industrial Revolution threatened to replace the artisans with less-skilled, low-wage labourers, leaving them without work. Economists apply the term Luddite fallacy to the notion that technological unemployment leads to structural unemployment (and is consequently macroeconomically injurious). If a technological innovation results in a reduction of necessary labour inputs in a given sector, then the industry-wide cost of production falls, which lowers the competitive price and increases the equilibrium supply point which, theoretically, will require an increase in aggregate labour inputs. http://en.wikipedia.org/wiki/Luddite __________________ -I can't quantify my hatred of the State. Preferences are ordinal. -The absolute ruler may be a Nero, but he is sometimes Titus or Marcus Aurelius; the people is often Nero, and never Marcus Aurelius.