Making brake parts

07/26/2004
The best economic insight this writer has encountered came not from an economist but from an engineer.It was in the mid-1990s. Computers were gaining muscle. The internet was moving from nerdy backwaters into the commercial mainstream.Together, people said, computers and the internet would change everything—work, economics, business, everything.Heavy industry would become obsolete. Labor would give way to knowledge. The old economic order would crumble.Then came the insight."Somebody," said John Kennedy, then editor of Oil & Gas Journal, "still has to make brake parts."For that morsel of ingenuity, unfashionable as it was at the time, Kennedy should get a Pulitzer Prize. It was prop...
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