Craig Pirrong: «…the entire history of economic growth and progress has been marked by the use of capital–machines, technology–to perform routine tasks, thereby relieving humans of untold drudgery, and allowing them to pursue more productive, interesting, and challenging activities. As one example, consider how various appliances have dramatically increased the productivity of household labor, thereby freeing (mainly) women from mind numbing tedium, and allowing them to perform work in the marketplace, rather than the home, and to enjoy more leisure if it suits them…

Yes, technological shocks can often depreciate the value of some skills–some human capital. But part of the genius of the market system is to find new ways to utilize resources that are freed up by these technological shocks. that’s part of the function of entrepreneurship: to respond to changing circumstances by discovering new and productive ways to utilize available resources.

In brief, we’ve had several centuries of technological innovation that made certain skills obsolete, but we’ve grown remarkably wealthy nonetheless (pace Deirdre McCloskey’s factor of 30–or 100).»

Deirdre McCloskeys faktor

Deirdre N. McCloskey er Distinguished Professor i økonomi, historie, engelsk og kommunikasjon ved Universitetet i Illinois, og var Visiting Tinbergen Professor i filosofi, økonomi og kunst og kulturstudier ved Erasmus Universitet i Rotterdam. Hun fikk sin utdanning i økonomi ved Harvard. Hun har skrevet 14 bøker og har publisert rundt 360 artikler i økonomisk teori, økonomisk historie, filosofi, retorikk, feminisme, etikk, og rettsfilosofi.