3 ms·
The people can take jobs with low nominal wages which will have higher purchasing power due to automation. Jobs never run out; see lump of labour fallacy.
by witty_username 10y ago
The people can take jobs with low nominal wages which will have higher purchasing power due to automation. Jobs never run out; see lump of labour fallacy.
- gnaritas 10y ago> Jobs never run out We're discussing the fact that change is happening faster than people can adapt; that long term jobs won't run out has no bearing on the issue being discussed, that the rate of automation is happening faster than people can adjust hurting low wage workers. Beyond that, when intelligent machine are invented, that fallacy will be outdated, the past is not always prologue. Intelligent machines are unprecedented in human history, this will invalidate many old fallacies. Jobs for low skilled people will run out, it's inevitable.