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My guess is that people with low skills will still find work but not as much (part-time) and consequently their pay will be lower. However, if robots are doing
by felipemnoa 15y ago
My guess is that people with low skills will still find work but not as much (part-time) and consequently their pay will be lower. However, if robots are doing all the work then production becomes cheaper which means products become cheaper which again means that people can buy more with less money. So in reality people will not become poorer. The economic level will stay the same or probably increase. The purchase power will probably increase. Question is, what do you do with all that extra time?
Well, this is only one scenario of the things that can happen.
- mgkimsal 15y agoHowever, if robots are doing all the work then production becomes cheaper which means products become cheaper which again means that people can buy more with less money. That's a big assumption there. More likely, companies will experience higher profit margins rather than pass along the entirety of the cost savings.
- felipemnoa 15y agoTrue,but it only takes a startup with nothing to lose to enter the market and undercut everybody.