No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Monday, September 15, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Economy

The Lure of Yesteryear Manufacturing

by TheAdviserMagazine
4 months ago
in Economy
Reading Time: 3 mins read
A A
The Lure of Yesteryear Manufacturing
Share on FacebookShare on TwitterShare on LInkedIn


An eight-second Wall Street Journal video clip illustrates the old-time, labor-intensive manufacturing that some, including the two last US presidents, want to bring back to America by using state coercion and threats (“Trump’s Tariffs Are Lifting Some U.S. Manufacturers,” May 4, 2025). The featured worker in the video clip seems to be endlessly repeating two mechanical operations on a machine. The employer is an Ohio manufacturer looking to boost its production—and its prices, which will be bid up—following the 145% tax that Donald Trump imposed on Chinese imports.

The repetitive and mindless job shown on the clip is typical of old-time, labor-intensive, low-tech, “dirty,” often dangerous manufacturing, which has been mostly eliminated from the United States and other rich countries by two factors: automation and, for the rest, reliance on the comparative advantage of poorer countries at a lower stage of development and labor productivity. Bringing old-time manufacturing back to America, besides diverting resources from industries where labor is more productive and better paid, would also bring back repetitive jobs. Otherwise, it would not increase employment as the labor market is already at, or close to, full employment. The very process of bringing old manufacturing to the US, notably with tariffs and other Colbertist interventions, could further compromise full employment, creating another problem instead of solving a non-existent one.

About mindless manufacturing jobs, which were once common in now-rich countries, Adam Smith wrote in The Wealth of Nations (Book 5, Chapter 1):

The man whose whole life is spent in performing a few simple operations, of which the effects are perhaps always the same, or very nearly the same, has no occasion to exert his understanding or to exercise his invention in finding out expedients for removing difficulties which never occur. He naturally loses, therefore, the habit of such exertion, and generally becomes as stupid and ignorant as it is possible for a human creature to become. The torpor of his mind renders him not only incapable of relishing or bearing a part in any rational conversation, but of conceiving any generous, noble, or tender sentiment, and consequently of forming any just judgment concerning many even of the ordinary duties of private life. …

But in every improved and civilized society this is the state into which the labouring poor, that is, the great body of the people, must necessarily fall, unless government takes some pains to prevent it.

Revealed preferences suggest that repetitive manufacturing jobs are still preferable to pre-industrial life or scavenging dumps in underdeveloped countries. In the 19th century, most workers outside agriculture, construction, and the resource industries were employed in mindless manufacturing. Of course, these workers are as worthy of our respect as the consumers who patronize more efficient producers.

Adam Smith raised an important question, but he could not imagine that, thanks to the fast economic growth that was to become typical of free societies, few workers would remain stuck in mindless manufacturing. In a modern developed economy, most jobs require some knowledge, thinking, and initiative. In manufacturing, which accounts for less than 10% of employment in America (like in most rich countries), the most repetitive tasks are done by machines. We in the rich world should be happy to be there. And our governments should not fall into economically illiterate and morally reprehensible attempts to prevent poorer countries from rising to our level of development. (Recall that in China, GDP per capita is less than one-third the American level; Vietnam is at 14%—according to data from the 2023 Maddison Project database.)

The most important questions remain to be asked: Who should be producing which goods and services, how, and where? Economic theory and history strongly suggest two alternative answers. The first is to leave the decisions to some authority: the tribe, the council of elders, rationally ignorant voters,  politicians, the king, the strongman, or the planning bureau. The second way is to rely on consumer sovereignty, free enterprise, competition, and laissez-faire: letting each individual and each voluntary association (including corporations) decide what to do, and with whom to trade and at what terms.

******************************

Mindless manufacturing



Source link

Tags: lureManufacturingYesteryear
ShareTweetShare
Previous Post

How to land a job in a ‘low firing, low hiring’ market: economist

Next Post

What’s in the Name: How this Icelandic startup took an unusual path to the optimal brand name

Related Posts

edit post
Hoisted from Comments: “Nuclear Waste Is a Myth the US Promoted….”

Hoisted from Comments: “Nuclear Waste Is a Myth the US Promoted….”

by TheAdviserMagazine
September 15, 2025
0

Yves here. In Friday’s Links, reader Michaelmas made some important observations about the US nuclear fuel model, which does only...

edit post
The Division Of The United States Is In Motion

The Division Of The United States Is In Motion

by TheAdviserMagazine
September 14, 2025
0

I have been getting a ton of emails asking if this assassination of Charlie Kirk is what the computer has...

edit post
Evaluating We Have Never Been Woke, Part 1: Elite Overproduction

Evaluating We Have Never Been Woke, Part 1: Elite Overproduction

by TheAdviserMagazine
September 14, 2025
0

After spending ten posts (beginning here) outlining Musa al-Gharbi’s arguments in his book We Have Never Been Woke, it’s time...

edit post
Links 9/14/2025 | naked capitalism

Links 9/14/2025 | naked capitalism

by TheAdviserMagazine
September 14, 2025
0

Breathtaking cycling featspic.twitter.com/3YL1zyvvXG — Massimo (@Rainmaker1973) September 5, 2025 Neoliberalism Comes for the Warfare State Compact Against Re-Enchantment Plough A...

edit post
The First Cause of Modern War is the Modern State

The First Cause of Modern War is the Modern State

by TheAdviserMagazine
September 13, 2025
0

Human conflict is an intrinsic part of human nature; it is as natural as tears. As Leo Strauss wrote, in modern...

edit post
Charlie Kirk and the Sacred Totem of Civil Rights

Charlie Kirk and the Sacred Totem of Civil Rights

by TheAdviserMagazine
September 13, 2025
0

Defenders of the Civil Rights Act are always at great pains to portray themselves as eminently reasonable, when they argue...

Next Post
edit post
What’s in the Name: How this Icelandic startup took an unusual path to the optimal brand name

What’s in the Name: How this Icelandic startup took an unusual path to the optimal brand name

edit post
Financial Market Update

Financial Market Update

  • Trending
  • Comments
  • Latest
edit post
California May Reimplement Mask Mandates

California May Reimplement Mask Mandates

September 5, 2025
edit post
Who Needs a Trust Instead of a Will in North Carolina?

Who Needs a Trust Instead of a Will in North Carolina?

September 1, 2025
edit post
Does a Will Need to Be Notarized in North Carolina?

Does a Will Need to Be Notarized in North Carolina?

September 8, 2025
edit post
Big Dave’s Cheesesteaks CEO grew up in ‘survival mode’ selling newspapers and bean pies—now his chain sells a  cheesesteak every 58 seconds

Big Dave’s Cheesesteaks CEO grew up in ‘survival mode’ selling newspapers and bean pies—now his chain sells a $12 cheesesteak every 58 seconds

August 30, 2025
edit post
‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

September 9, 2025
edit post
DACA recipients no longer eligible for Marketplace health insurance and subsidies

DACA recipients no longer eligible for Marketplace health insurance and subsidies

September 11, 2025
edit post
EC approves Microsoft’s commitments over Teams bundling concerns

EC approves Microsoft’s commitments over Teams bundling concerns

0
edit post
How a Written Roadmap Can Empower Your Retirement Plans

How a Written Roadmap Can Empower Your Retirement Plans

0
edit post
OBBBA Makes the Income Tax More Complex

OBBBA Makes the Income Tax More Complex

0
edit post
Do Sentiment Metrics Matter to the Markets?

Do Sentiment Metrics Matter to the Markets?

0
edit post
The Federal Deficit Surges again as Trump Spending Accelerates

The Federal Deficit Surges again as Trump Spending Accelerates

0
edit post
Prenetics now holds 228 BTC and buys 1 BTC daily

Prenetics now holds 228 BTC and buys 1 BTC daily

0
edit post
EC approves Microsoft’s commitments over Teams bundling concerns

EC approves Microsoft’s commitments over Teams bundling concerns

September 15, 2025
edit post
How a Written Roadmap Can Empower Your Retirement Plans

How a Written Roadmap Can Empower Your Retirement Plans

September 15, 2025
edit post
From Gaza to Europe: How one Palestinian outsmarted war, smugglers, and the Mediterranean using ChatGPT and a jet ski

From Gaza to Europe: How one Palestinian outsmarted war, smugglers, and the Mediterranean using ChatGPT and a jet ski

September 15, 2025
edit post
5 fintechs that could IPO after Klarna

5 fintechs that could IPO after Klarna

September 15, 2025
edit post
Global Oil Field Chemicals Market Size, Trends, and Forecast

Global Oil Field Chemicals Market Size, Trends, and Forecast

September 15, 2025
edit post
Altcoin Season Index Sets New 2025 High, What This Means For The Crypto Market

Altcoin Season Index Sets New 2025 High, What This Means For The Crypto Market

September 15, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • EC approves Microsoft’s commitments over Teams bundling concerns
  • How a Written Roadmap Can Empower Your Retirement Plans
  • From Gaza to Europe: How one Palestinian outsmarted war, smugglers, and the Mediterranean using ChatGPT and a jet ski
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.