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Economics Made Simple: How money, trade and markets really work by Madsen Pirie

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Producing and distributing

Two men paused to look over the fence at the huge construction site going on below the street. Below them was a hive of activity as construction workers swarmed over the site. In the centre of it all was a huge mechanical digger scooping up great piles of earth and mud and piling it in onto a conveyer belt to have it sent upwards and conveyed away in dump trucks.

One man eyed the mechanical digger sourly and remarked to his friend, “That mechanical digger has taken away the jobs of 12 men who could have done the work with spades.”

“Indeed,” replied his friend, “and each of those spades would have taken away the jobs of 100 men who could have done the work with teaspoons.”

THE ELDERLY CHINESE man fishing with ...

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