Quote:
Originally Posted by Dhomochevsky
I'd say the inequality in distribution of the profits of automation is.
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Correct. Owners of capital receive more income than they can consume so they save it. Not enough profitable investment opportunities lead to excess savings from an economic point of view, in turn workers earn too little so there is a demand/consumption shortfall. Clear definition of economic inefficiency.
Quote:
Originally Posted by Roger Rambo
Yes, but what are they supposed to do that will also put food on the table? In a society where nearly all office/industrial/service jobs are automated? Maybe there'd be some creative stuff still needed (engineering/art), but whose to say that artificial intelligence couldn't do that as well? And it's not like everyone in a society can try to become designers or artists.
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They get a replicator
Theoretically, in such a society all production including food is received by the people who own the machines who make it. They trade the produce for whatever services the other people can provide. Basically a 100% service economy.