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Fewer Rules, Less Tech Featured

There was an article I read once that explained how ATMs really did destroy banking jobs in the late'70s. Looking at actual data, it's pretty evident that bank jobs declined following the widespread adoption of the machines in 1977. So why do people say bank jobs grew after the introduction of ATMs? Because they did, but correlation is not causation.  In the early '80s, the federal government deregulated the banking system to an extent. This meant more opportunities for banks and other institutions, which allowed more growth. Thus, the number of bank jobs increased, although probably at a lower rate than they would have without ATMs. And, of course, there was a downside to the deregulation.

Still, if you want more jobs, what you need are fewer rules and less technology. The question becomes is that possible and do we want that?

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Ted Craig

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