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The counter to that argument is that if the owners of robots make 100% of the income while customers make 0%, then the owners of the robots will have a very sma
by ddxxdd 9y ago
The counter to that argument is that if the owners of robots make 100% of the income while customers make 0%, then the owners of the robots will have a very small market to sell their goods and services.
If you are capable of making 10 billion fidget spinners, you're going to lower your prices until as many people can afford fidget spinners as possible.
- yoz-y 9y agoIndeed. But what are the solutions. One proposal is "raise taxes on capital by a lot, and then provide basic income". Another option would be "nationalize all production and distribute the profits". There is the luddite option of course but I do not believe that the progress can be stopped. And I do not think that there are nearly enough "new" jobs created in services, entertainment and arts.
- ddxxdd 9y agoMy point was actually that there is no way automation could possibly leave more people worse off, since it brings more goods into circulation.