June 16, 2019

AS gOD EXPLAINED TO aDAM AND cAIN...:

This Economy Is Not Aging Gracefully (Eduardo Porter, June 15, 2019, NY Times)

It might seem counterintuitive to hope for more robots, given their track record of knocking workers without a college education from the middle-income jobs that once supported a middle class. But it would be different if workers were retiring anyway.

In a study of several advanced economies from 1990 to 2015, the economists Daron Acemoglu and Pascual Restrepo found that aging was actually associated with rising living standards. As workers became scarce, businesses invested in automation to replace them, as well as in other new technologies, all of which raised productivity and incomes.

...the point of labor is to reduce our standard of living.

Posted by at June 16, 2019 8:09 AM

  

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