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info-innovation
This blog deals with all things that are realted to information & innovation and that have caught my attention.
Sunday, June 26, 2011
Saturday, June 25, 2011
Milton Friedman, innovation and labor demand
The story goes that Milton Friedman was once taken to see a massive government project somewhere in Asia. Thousands of workers using shovels were building a canal. Friedman was puzzled. Why weren't there any excavators or any mechanized earth-moving equipment? A government official explained that using shovels created more jobs. Friedman's response: "Then why not use spoons instead of shovels?"