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It’s gonna be weird when there’s no cheap labor left and even the American middle class can’t afford anything that wasn’t 100% machine-made, anymore.
by pantaloony 6y ago
It’s gonna be weird when there’s no cheap labor left and even the American middle class can’t afford anything that wasn’t 100% machine-made, anymore.
- imtringued 6y agoOnce there is no cheap labor left we will see an incredible amount of consumer inflation because prices need to rise to accommodate higher wages.
- api 6y agoI think this is eventually inevitable. After India (which is only marginally cheaper than China) Africa is the largest reservoir of potential cheap labor. When that's started to experience wage inflation there will be nowhere else to go except automation, and automation is generally oversold and is a lot harder than it seems. It's easy to automate the most repetitive 10-20% of an industrial process, but exponentially harder and/or lower margin as you move down the long tail. Most people aren't aware of just how much of the stuff they buy is still made by hand.
- yxhuvud 6y agoWhy do you think wages wouldn't rise as well in that case?