> People aren't poor now because their vast wealth has been decimated by inflation. It's because we are doing more with less and commoditizing the types of work

> People aren't poor now because their vast wealth has been decimated by inflation. It's because we are doing more with less and commoditizing the types of work they were doing. Efficiency in production makes society as a whole richer, not poorer. For example, programming computers to drive cars will ultimately enable a lot of taxicab drivers to do other things to help society that they couldn't do before because they were busy driving. When self-driving cars become widespread, society will benefit because it will have the same benefits of transportation that the taxicab drivers used to provide as well as the new goods and services the former drivers are now providing. The fallacy that machinery reduces wealth and employment is debunked in longer form by Henry Hazlitt in Economics in One Lesson. See http://www.fee.org/library/books/economics-in-one-lesson/#0.1_L8 http://www.fee.org/library/books/economics-in-one-lesson/#0.....