Why efficiency is dangerous and slowing down makes life better | Psyche Ideas

Economists teach us that increased efficiency is the major way to improve our standard of living. If your company gives you a pay rise without becoming more efficient, it will also have to raise its prices to make up the shortfall. If all companies do the same, everyone ends up running in place – you’ll need your higher wages to match the higher prices of the things you buy. So, if we want to make material progress, we must become more efficient. Streamlined supply chains, just-in-time deliveries and no slack in the workforce all serve to raise efficiency. Achieve this, and all our lives will get better and better, or so we’re promised.