Thursday, May 13, 2004

Creative Destruction

Yet another excellent post at Catallarchy. Jonathan points to a common mistake made by protectionists. Protectionists often assume technological progress to be fixed. As an example Jonathan points to a protectionist blog that states, "(Free traders) point to the shift from an agricultural economy to an industrial economy and the shift from an industrial economy to an information economy. But there is no shift to a "new" economy today, so where will those jobs come from?" Jonathan does a pretty good job of refuting that sillyness so I recommend you click the link to see his demolition.