Why robots won't cause mass unemployment, according to the Austrian economists at the Ludwig von Mises Institute.
Originally shared by Wayne Radinsky
Why robots won't cause mass unemployment, according to the Austrian economists at the Ludwig von Mises Institute.
"There will always be jobs because there will always be scarcity. Human wants are unlimited, diverse, and ever-changing, yet the resources we need to satisfy our desires are limited. The production of any good requires labor and entrepreneurship, so humans will never become unnecessary."
"The profitability of producing all other goods will increase after a technological advancement in the production of one good. Real wages can increase because the greedy robot-using capitalists now have increased demands for all other goods."
https://mises.org/blog/why-robots-wont-cause-mass-unemployment
Why robots won't cause mass unemployment, according to the Austrian economists at the Ludwig von Mises Institute.
"There will always be jobs because there will always be scarcity. Human wants are unlimited, diverse, and ever-changing, yet the resources we need to satisfy our desires are limited. The production of any good requires labor and entrepreneurship, so humans will never become unnecessary."
"The profitability of producing all other goods will increase after a technological advancement in the production of one good. Real wages can increase because the greedy robot-using capitalists now have increased demands for all other goods."
https://mises.org/blog/why-robots-wont-cause-mass-unemployment
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