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To: jjsheridan5

I agree. The concern about unemployment resulting from technologic advance reminds me of the workers who threw their shoes into the machinery in an attempt to stop the Industrial Revolution. Yes, there will certainly be temporary displacement now as then, but the end effect of technology is to make a worker many times more productive, and thus to increase, not decrease, the value of his labor. Put more simply, if one worker can now produce 10 widgets per hour, but with AI can produce 1,000, the value of that man’s working hour has increased a thousand fold. There is legitimate concern as to who will reap the benefit of that surplus value, the worker or his employer. Still, while the battle over the last two centuries between between Capital vs. Labor has been won so far rather resoundingly by Capital, but no one can say that the average worker today does not enjoy a far higher standard of living that his pre-industrial counterpart.


33 posted on 02/13/2016 12:21:41 PM PST by PUGACHEV
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To: PUGACHEV

I hate to say it, but at some point, the concept of “capital” will also disappear. This transition will be a very long, and probably painful, process, but the foundations of modern economic theory simply do not apply when marginal costs approach zero. And over the next few decades, that is where they are going.


36 posted on 02/13/2016 12:25:18 PM PST by jjsheridan5
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