The Human Factor Is Slipping Awayn yesterday's column, "Forces Are Shifting Within the Economy," I discussed why there is an increasing reliance on technological advancements in order to keep the U.S. economy functioning.
Those advancements are principally occurring in two areas: increasing the efficiency of the extraction and use of fossil fuels, and decreasing the use of human labor.
Both are focused on decreasing the costs of production and delivery of goods and services, but they also work at cross-purposes.
Increasing the efficiency in the use of fossil fuels, especially oil, does allow for a reallocation of capital to other sectors of the economy. Those efficiencies are not great enough yet to negate the drag of uneconomic growth caused...
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