If that were true, then there should have been massive unemployment upon the emergence of power machinery and power equipment that took the place of whole swaths of manual label. But the problem didn't materialize because the need for human labor didn't disappear, it shifted to other areas. Same is true here and with every threshold of innovation.
The enemy of wealth, economic growth, and well-being isn't innovation. Innovation CAUSES economic growth, wealth creation, and a higher standard of living. The enemy of economic growth is fear and government, which is fueld by fear.
The enemy of wealth, economic growth, and well-being isn't innovation. Innovation CAUSES economic growth, wealth creation, and a higher standard of living. The enemy of economic growth is fear and government, which is fueld by fear.
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Again, the emphasis on paradigm shift. The power machinery still needed a human brain and hands to operate. The paradigm shift I am seeing (or reading about and pondering) is that the power machines will not need a human behind them. From design to build to deployment to maintenance - no humans. No human repair people, no human programers.
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Wealth is being created. But less people are needed in an enterprise. 350 work for Twitter. Facebook has only 4,000 or so people. That is a lot of company wealth to employee ratio compared to a car manufacturing concern.
So the way you think about the world needs to change from 19th and 20th century ways of thinking.
The potential difference is destination. Tech innovations mean we require less effort to maintain a higher standard of living. But now we’re getting to the point where that higher standard of living could mean we just don’t need a lot of the population to work. We see it already in manufacturing with output up but jobs way down.