Cet-6-1.10-Exercise 01O) It’s important to bear in mind that when we offer a structural interpretation of unemployment, a “loss of jobs” means an increase in productivity. Traditionally, economists have argued that productivity increases are a good thing, even though they may cause unemployment for some workers in the short run. In the long run, the economy does not run out of jobs. Rather, new jobs emerge as old jobs disappear. The story we tell is that average well-being rises, and the more people are able to adapt, the more widespread the improvement becomes.

A. While many countries use the smarter EMV cards, the US still clings to its old magstripe technology.
B. Increases in productivity prove beneficial though some people may lose their jobs temporarily.