argue for government support of programs that encourage retraining and acquiring additional skills.

Government might also support research and development efforts, so that other firms may find ways of
outdoing Technotron. Blocking the new technology altogether, however, seems like a mistake. After all, few
people would advocate giving up electricity because it caused so much disruption to the kerosene and candle

business. Few would suggest holding back on improvements in medical technology because they might cause

companies selling leeches and snake oil to lose money. In short, most people view disruptions due to

technological change as a necessary cost that is worth bearing.

Now, imagine that Technotron’s new “technology” is as simple as this: the company imports what it sells from

another country. In other words, think of foreign trade as a type of innovative technology. The objective
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