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Technological innovation can also arise as a consequence of the minimum wage being high. By increasing the cost of human labor, automation becomes relatively ch
by andreer 8y ago
Technological innovation can also arise as a consequence of the minimum wage being high. By increasing the cost of human labor, automation becomes relatively cheaper / more cost effective.
Here in Norway this has led to the near complete elimination of classes of jobs. As a very visible example, we have no toll booth operators or garage attendants, these have been universally replaced by automatic license plate recognition.
Thankfully we have a (relatively) good social safety net to take care of those who lose their jobs to such things.
- moosey 8y agoI feel strongly that any economic system where automation is bad for laborers is fundamentally broken. Each automation should lead to shorter work hours for someone, without loss in pay, because it's not like the productivity has gone away.