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Yep: high tech is different from cars and steel.
Posted by Craig on 05:46:00 AM in Business
, Current Affairs
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Of course it created a whole lot more jobs than that, the problem with what is seen and what is unseen.
There are of course people needed to process, assemble, distribute, sell, write apps, and of course the increased productivity and satisfaction of those who purchase the device.
In addition, since each unit in demand represents created wealth, then there is more wealth in circulation, more dollars in circulation and of course there is the utility of the taxes which Apple and all of it's employee's pay.
There are many who feel that an old style smokestack big item factory would be better for the economy, but if we no longer can run those efficiently then we are better off buying those items from somewhere else and creating a savings by doing so. This frees up capital, labor, and land for other uses in which we still have comparative advantage.
If we begin loosing competitiveness in many areas then we should look at our tax and regulation structure to see how it can be improved.
-Econ 101 rant off
December 01, 2011 at 07:32 AM
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