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Well average wage is a poor metric. Hopefully it is median global household income that has doubled. Taken to its logical extreme, there is no wage whatsoever
by marnett 8y ago
Well average wage is a poor metric. Hopefully it is median global household income that has doubled.
Taken to its logical extreme, there is no wage whatsoever if a majority of jobs are automated.
- CryptoPunk 8y agoThe wage growth has been widely distributed, though I don't know the median wage statistics off hand. I presume they're approximately equavalent average wage statistics. As for jobs, most of those that existed 200 years ago no longer exist or employ a tiny fraction of people they employed at that time, yet we don't have mass unemployment. Automation has never had a broad-based negative impact on the demand for labor. Its effect has been exactly the opposite.