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You seem to be arguing that large unemployment rates are logically impossible, so we shouldn't worry about unemployment. The fact unemployment was 25% during t
by staticman2 2y ago
You seem to be arguing that large unemployment rates are logically impossible, so we shouldn't worry about unemployment.
The fact unemployment was 25% during the great depression would seem to suggest that at a minimum, a 25% unemployment rate is possible during a disruptive event.
- astrange 2y agoThe unemployment rate in a modern economy is basically whatever the central bank wants it to be. The Great Depression was caused by bad monetary policy - I don't see a reason why having AI would cause that.
- staticman2 2y agoThe person upthread was saying that as long as someone wants a house built and someone wants a grandma driven around unemployment can't happen. Unless nobody wanted either of those things done during the depression that's clearly not a very good mental model.
- astrange 2y agoYes, I disagree with that. The problem isn't the lack of demand, it's that the people with the demand can't get the money to express it with.