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"This is because new technologies also increase demand for products and services. Consumers will demand more product if new technologies add desirable features
by al2o3cr 13y ago
"This is because new technologies also increase demand for products and services. Consumers will demand more product if new technologies add desirable features or decrease the price, thanks to the smaller amount of labor needed to produce the product."
Consumers, on the other hand, will not demand more of diddly if the have no job and no money.
- growupkids 13y agoDemand creates jobs. And businesses try to get ahead of demand so they can cease the market, creating those jobs sooner.
- sixbrx 13y agoCreates jobs for robots, is the argument.
- nfoz 13y agoThat will last for a while, but I know a lot of people who choose to live simple lives. You can make shiny gadgets, and I'll probably buy them, but we'll increasingly find people who are content not to have them.
- a8da6b0c91d 13y agoWhat's already happening now is the wealthy are consuming more and the middle class is shrinking. The top 20% does 60% of personal spending. http://www.parapundit.com/archives/009383.html http://www.parapundit.com/archives/009383.html I see no reason for the trend of the disappearing middle class to stop. The future is Brazil: A wealthy elite alongside impoverished masses. There's less and less business need for a large middle class. http://www.thecollectiveint.com/2013/03/favelas-of-brazil-boundary-between.html http://www.thecollectiveint.com/2013/03/favelas-of-brazil-bo...