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>Because this is what always happens when tools cause productivity gains. Budgets aren't infinite. I think you'd actually struggle to find an example in histor
by ace32229 3y ago
>Because this is what always happens when tools cause productivity gains. Budgets aren't infinite.
I think you'd actually struggle to find an example in history where productivity gains have resulted in prolonged, and industry-wide unemployment for those trained in that area.
I completely agree that technology can make individuals redundant, as in your flight crew example. And yet we are seeing a global shortage of airline pilots, how do you explain that? If technology makes people unemployed (across an economy, over the medium-long term), why aren't there piles of pilots working at McDonald's?
Is not that as technology improves, industries which were once small/unprofitable can balloon into hugely lucrative industries?