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Unformatted text preview: if they left. Well, I am here to tell you that 99.99% of the time that is not true. We have heard how autoworkers are the backbone of America, steel workers are the backbone of America, farmers are the backbone of America, teachers are the backbone of America, etc. etc. America must look rather peculiar with all those backbones. Fact of the matter is, there are fewer autoworkers, steel workers and farmers in America now than years past. Capital was substituted for these workers as wage rates increased. Teachers are wondering about technology such as the web substituting for some of their services. A Honda made in Japan is a substitute for a Ford made in the U.S. Soybeans from Brazil are a substitute for soybeans grown in the U.S. At some price, people will turn to substitutes....
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.
- Fall '10