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Automation is not a bad thing. We should endeavor to make things as efficient and labor-saving as possible. Without a mechanism like UBI, however, wealth will
by lawrenceyan 7y ago
Automation is not a bad thing. We should endeavor to make things as efficient and labor-saving as possible.
Without a mechanism like UBI, however, wealth will get trapped into increasingly concentrated funnels and effectively stagnate. This is bad not only for the people that get left behind, but also bad in general for the economy as a whole as an economy sustains itself on the constant flow of back and forth between buyers and sellers and consumers and suppliers.
As more and more people get replaced through automation, the available pool of money from consumers decreases. If it gets to a point where this becomes too low, the economy effectively comes to a standstill as the products and services companies can offer, even as they become increasingly cheaper to produce due to the productivity gains from automating away human labor costs, stop getting bought due to insufficient funds from consumers.