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CHAPTER 4THE JOBLESS PRODUCTIVITY TRAP

Jobless economic growth is the result of the industrialization paradigm and its focus on narrowly accounted production efficiency and laborsaving technologies. Productivity statistics still focus on labor productivity in terms of per capita averages, thus driving economies toward greater capital intensity and mechanization— even as politicians promise full employment. Noneconomists point out that such formulas are contradictory, ignore “externalities,” increase automation, and also increase unemployment—unless new jobs are created even faster than jobs are destroyed. While many government officials point to technological change as the source of job displacement, they also rely on gross domestic product ...

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