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Exact(15)
As technology improves, opportunities to substitute capital for labour grow.
I think that employers have a great advantage, as they can substitute capital for labor.
And firms may also have found it cheaper and easier to substitute capital for labour thanks to improving information technology.
As a result there has been a marked tendency to substitute capital for labour in almost all industries.
Technology has gotten better and much cheaper over the past generation, and that has allowed firms to substitute capital for labour across a broad range of occupational categories.
These should also decline over time, he reckons, unless it is very easy for the economy to substitute capital (like robots) for workers.
Similar(45)
They invest in labor-saving technologies where you are substituting capital for labor.
Not surprisingly, when they could, the bosses substituted capital for labour.
Mr Fuld will be particularly annoyed at having "substituted capital for wits" in building up a $55 billion book of leveraged loans, says Peter Solomon, a former Lehman vice-chairman (and a big admirer).
For the study suggests that for many years economic growth and the United States' need to recapture and maintain international competitiveness will demand adoption of most efficient technologies and substituting capital for labor.
And Japan has yet to recover fully from the withering effects of the 2008 global financial crisis.Japanese companies have been substituting capital for labour for two decades, causing the overall number of hours worked to drop, writes Richard Katz of the Oriental Economist, a newsletter.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com