Benjamin E. Mays

Companies selling a product play down its vulnerability and emphasize its robustness. But only after technology leaves the dock is it really tested. For human operators in control of a supposedly infallible system, complacency and overconfidence can take over, and caution may be thrown to the wind.

Long-term unemployment is particularly costly to those directly affected, of course. But in addition, because of its negative effects on workers' skills and attachment to the labor force, long-term unemployment may ultimately reduce the productive capacity of our economy.