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You are thinking about things incorrectly I think. Lets say that ubiquitous automation reduces employment in many manufacturing and service sectors. Prices wi
by TheMagicHorsey 11y ago
You are thinking about things incorrectly I think.
Lets say that ubiquitous automation reduces employment in many manufacturing and service sectors. Prices will fall in those sectors, abundance will increase. People will need to spend less of their income for these goods and services. The additional income will be used for other things. Some of the other things will be things like books, music, etc.
If you doubt what I say, think about how spending patterns changed when the economy went from 90% employment in agriculture to 2% employment in agriculture. Prior to this transition, something like 70% of wage was spent on food. Afterwards less than 10% was spent on food.
In the future, something like 10% of income might be spent on all non-digital goods and services, and 90% of income might be spent on the virtual economy (games, books, music, film, etc.)
- ryanmaynard 11y agoWould you happen to have a link, or a few keywords, that would aid in finding the agricultural employment percentile shift?
- TheMagicHorsey 11y agohttp://ourworldindata.org/data/food-agriculture/agricultural-employment/ http://ourworldindata.org/data/food-agriculture/agricultural...
- ryanmaynard 11y agoThank you for this!