Technical Progress and Technical Schools

My point of departure is that technological progress creates more jobs than it destroys, makes possible the production of hitherto unpro duced goods, and is a major source of increased wealth and income. Some people, to be sure, do not immediately share in the benefits of higher output. They find their old jobs outdated by the new techniques and are forced to choose between unemployment at the old wage or employment at a lower wage. If we take as a datum the rule that those whose wealth is reduced due to a fall in the present value of their ex? pected earnings from labor are entitled to some assistance, the economic science can make an indispensable contribution. It can help to assess all of the various manpower programs in terms of their cost-effective? ness, their impact on resource allocation, and their contribution to growth

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