Quote:
Originally Posted by dre
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The idea that because technological innovation in the past has created as many jobs as it destroyed, we'll see the same beneficial trade-off in the future is misguided. This time it really is different. The new industries replacing the old ones require far less labour.
Google (Alphabet) has a market cap of $800 billion. It employs 60,000 people. At its peak, GM employed 600,000 people, ten times as many.
What are the millions who are going to lose trucking and retail jobs going to do for a living? Are they all going to become software developers? Start artisanal bakeries? Become Youtube stars? Some will. Not millions.