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Its not about lower costs or growing the industry. If we save $1 billion dollars in automating one industry, we are just going to spend that $1 billion dollars
by winstonewert 9y ago
Its not about lower costs or growing the industry.
If we save $1 billion dollars in automating one industry, we are just going to spend that $1 billion dollars elsewhere, growing some other industry.
- simonh 9y agoThat's right, it frees up $1bn for other uses. This is why automation, ever since the industrial revolution, hasn't lead to persistent mass unemployment. The capital freed up by more efficient industry was used to create new industries and jobs that didn't even exist before. There have been some painful adjustments, but the more flexible an economy is the more rapidly it adjusts. Historically this has been a US strength.