WHEN THE JOBS DISAPPEAR it's going to be really tough on capitalism. This video is an accurate forecast without the hype of what kind of changes are coming for your children to deal with. The next thirty years are going to be so interesting . . .
A tail dragging romp through the swamps of the world
Hi Ed. I came across a paper some months ago that considered the social and economic aspects of the robotic age when human labour is displaced.
ReplyDeleteOne part of the report focused on creation of demand in a low-employment situation. There have to be ways to get income/wealth into the hands of consumers lest the owners of all those robots find themselves idle. One way to keep the economy from devastation is income redistribution. Another is a regime of part-time work at above-market wages. A third is to adjust the pricing of natural capital. If robotics function only to concentrate wealth while impoverishing society,then some measure of redress will have to be found. Even the rich are finally coming to realize that the inequality that has benefited them so well over the past 30-years is now the greatest threat to their continued prosperity.