…is page 406 of the late UCLA Economists. Armenian Alcians and William R. AllenS Universal economics (2018; Jerry L. Jordan, ed.); This volume is an updated version of Alchian and Allen’s remarkable and pioneering early textbook. University Economics:
Every socially favorable development in technology or productivity has affected someone. The development of electricity has affected the whaling industry, which provides oil. The telegraph hurt the owners and riders of the Pony Express, but the benefits to the public far outweighed those costs. Supermarkets forced most small retailers to work as managers or clerks in large stores, and the public benefited from lower prices and more convenience. Electric refrigerators have displaced ice makers. Zipper damaged button manufacturers. The automobile, the radio, the television, and the computer displaced the production of other goods and services, but the people as a whole benefited.
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