3 ms·
If we produce enough of everything with less labor, each individual will work fewer hours to get all of their needs met. And that would be a good thing. But we
by CryptoPunk 4y ago
If we produce enough of everything with less labor, each individual will work fewer hours to get all of their needs met. And that would be a good thing.
But we are very very far from that point. We have needs, like extending our life, that current technology cannot meet, and if we had excess time, most of us would trade it in exchange for more technological progress toward that goal. Fundamentally that is what's behind the increase in healthcare spending, and the growth in people employed in healthcare.
- krapp 4y ago>If we produce enough of everything with less labor, each individual will work fewer hours to get all of their needs met. No they won't. If people work fewer hours, they'll simply be paid less, barring legal limitations like a minimum wage. Meanwhile, costs will remain the same.
- CryptoPunk 4y agoPeople are paid in goods/services, fundamentally. As production per hour of labor increases, so does wages, since there are fewer hours chasing more goods.
- pretendscholar 4y agoThat hasn't been true in 50 years