[freeandfreezing]

Very good points. Along with the changes in employment brought by technology, there will be parallel changes in how people can provide services and value to businesses. I have read many articles, like this one, where the premise is that technology will allow employers to replace employees with machines. But few ever explore the opposite scenario.

As surely as businesses can use technology to reduce the need for man hours of effort, people can too. That's why my lawn guy can cut the lawn way faster than I can. He's got better tools than I do - a larger tractor, better mowers, and an air blower instead of a rake. And he knows how to use them very well.

The same is true for many other types of work. It used to be only businesses could afford to own computers, and hired employees to operate them. Now kids own computers and bring their own wordprocessor, spreadsheet, etc. to work.

Soon after robots are available to do complicated tasks in business, individuals will have similar robots. And then they may well send their personal robot in to the shop to work for them on Mondays and Fridays.

All of your points about future trends apply as well to individuals taking advantage of the same technology to empower themselves. We are seeing a bit of that now with how people use smart phones and internet resources to benefit themselves and enable new ways of working. But we need to see a lot of changes in education, taxation, government, and the nature of employment to take advantage of what technology has to offer.

[Sherman Logan]

All good points.

But I’d like to reiterate that the crucial issue is that more and more people of lower intelligence will be redundant to the real market.

The challenge is how to provide meaningful lives for people for whom there is no economic role. Past and present examples of societies with this issue (see Indian reservations, etc.) are not reason for comfort.

IMO there is a distinct possibility that capitalism and the free market, with its creative destruction, will eventually creatively destroy itself. Capitalism has had a hell of a run, 300 years or more now, depending on how you define it.

But functioning of markets is not a law of nature, it’s a law of human nature. And if the parameters within which the market must function change sufficiently, the market system may break down. At least insofar as its ability to provide for human needs other than material.