Supposedly, new technology lowers prices, which spurs new demand, which
reemploy as
the workers.  I'm not saying I accept this argument, but I have not seen
many
economists eating crow.
___________________-

That's Panglossian political economy.  The destruction or creation of
jobs is not a technical function, but a social one.  The expulsion of
labor power from the production process is essential to the
expropriation of surplus value, to increased rates of expropriation.
The derivative effect, of the rising tide raising all boats, or in this
case, the reemployment of expelled labor, has nothing to do with
technology and everything to do with the rate of profitable
reproduction.

So applications of the same technology reduce jobs in on area of the
world markets while increasing jobs in the other.

We can look at steel, auto, oil, semiconductor production throughout the
world to see the unity of these opposites at work.

Still, certain critical moments are reached inside each of these areas
when overproduction overwhelms the circulation and realization
processes.  This is manifested already in Mexico, and Brazil, where job
losses in industrial production sectors parallel similar losses in the
US, and it is becoming manifest in China where problems in
transportation, infrastructure, i.e. ships waiting 30 days or more to
unload, ports unable to move unloaded commodities out of ground storage
quickly enough, electricity shortages, etc., all facets of circulation,
are breaking through the euphoria of rapid growth.

 International semiconductor companies have reached an impasse, where
the technology has advanced to such a level that the comparative
advantage of reduced wage levels as in China is in fact minimized by the
overwhelming technical inputs which require an elaborate and reliable
infrastructure to protect uninterrupted production.

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