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From Craft to Mass Production

In: Henry George and How Growth in Real Estate Contributes to Inequality and Financial Instability

Author

Listed:
  • Edward Nell

    (New School)

Abstract

But this system is hard on firms; prices fluctuate with demand, so profits do too. Innovations will make it possible to adjust labor costs more easily, laying off workers when demand drops off, rehiring them when it recovers. In effect this means that the curvature of the production functions is being flattened into a straight line. This leads to a different pattern of market adjustment, replacing the partly stabilizing price mechanism with the destabilizing multiplier.

Suggested Citation

  • Edward Nell, 2019. "From Craft to Mass Production," Palgrave Studies on Henry George for the 21st Century, in: Henry George and How Growth in Real Estate Contributes to Inequality and Financial Instability, chapter 0, pages 71-83, Palgrave Macmillan.
    • Handle: RePEc:pal:psochp:978-3-030-18663-0_6
    DOI: 10.1007/978-3-030-18663-0_6
    as

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