Ever since the Industrial Revolution, the automation of tasks once done by humans has raised fears about machines putting humans out of work and creating mass poverty. Happily, history has repeatedly proven the doomsayers wrong. While automation has certainly led to declines in entire industries (and employment in those industries), the relationship between automation and overall employment growth has been strongly positive over time.
There are sound explanations for this positive relationship. One, automation increases labour productivity and therefore raises the income levels of workers. Resulting increases in income translate into increased demand for all types of goods and services, […]
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