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> Generally, efficiencies accrue to consumers through lower prices What good is that without a source of income from employment? Even UBI proposals are for fa
by chroem- 9y ago
> Generally, efficiencies accrue to consumers through lower prices
What good is that without a source of income from employment? Even UBI proposals are for far less than the current median income. At best the two will cancel each other out, though that is a pretty optimistic assumption since most of the motivation for automation is to reduce costs while maintaining prices and increasing profits.
- refurb 9y agomotivation for automation is to reduce costs while maintaining prices and increasing profits The same thing will happen when the cotton gin replaced manual labor back in 1793. Profits won't go to owners since anyone can buy a machine and offer a lower price as well. The only time I've ever seen extra profits entirely captured by owners is when there are regulatory barriers to competition.
- chroem- 9y ago>anyone can buy a machine and offer a lower price as well Tell me more about how I can afford to open a new billion dollar factory.