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The 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'
by astrange 2y ago
The 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.