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another point not mentioned is the benefit to society out of this automation. It makes products cheaper. This means although people may make less money, they
by bps4484 15y ago
another point not mentioned is the benefit to society out of this automation. It makes products cheaper. This means although people may make less money, they are able to buy more with that money. This is the old "would you rather be a rich person in 1900 or a poor person in 2000?" question. With every additional efficiency gain, a person's dollar goes farther.
In traditional economic terms, this is shifting the supply curve down. Quantity of a product consumed goes up, price goes down, and there is more net benefit to the consumer.