Thought for the month
“You cannot have freedom without a rule of law ... and if you don't have it, what you tend to get is corruption and that is death to freedom, it's death to truth, it's death to honour, it's death to democracy.”
Margaret Thatcher, 1 October 1996.
Monday, 7 September 2015
Man and machines
In 1871 there was one hairdresser for every 1793 citizens of England and Wales; today there is one for every 287. This factoid comes from an interesting study looking at the impact of technology on employment. It seems that technology benefits society and creates new employment in new sectors. Technology shrinks employment as it replaces labour as the source of energy but increases it in knowledge intensive sectors and areas of the drivers of technological change. Also, technological change lowers expenditure on essentials and thus releases spending to create new demands and new jobs.