An outcome predicted by Marx who argued that the real issue was how the spoils from the efficiency gains from automation were shared.
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inflation is less of a problem under modern monetary policy. And also under current macro conditions: money supply has 4x-ed
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sorry, no. History has been the opposite. New wants and needs, not maintenance, is what creates replacement jobs.
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how many people do you know designing and maintaining farm machinery as opposed to say video games? :D
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and how does that compare to the 80% of the entire population that lost farm sector jobs over the last century odd...
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that's my point. New industries create way more jobs than maintenance needs of old after automation.
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if every industry created more jobs than it destroyed through automation, we'd never free up human capital for new ideas
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Ag is now <3%, and even if you go 1-2 deg out in direct supply chain, probably <5-6%. Was once 80%+. Rest now post-farmer
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no brief answer... Follow sovereign debt and QE bunny trails
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both go up in absolute terms overlong term though, even though inequality cycles
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