Quote:
Originally Posted by iggy_oi
Automation does not generate wealth, it only transfers it. Unless new jobs and business are being created from it to offset the loss it slowly erodes an economy.
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Here is our fundamental disagreement. Automation is not a wealth transfer mechanism. It is a driver of efficiency.
Automation creates surplus capacity. This surplus capacity can be taken as profit, a reduction in price, increased wages for remaining workers or tax. Creating surplus is always good in an economy.