The creator of jobs is innovation and the destroyer of jobs is automation — there is no natural reason for these to balance each other out
I’ve been seeing a lot of op-ed type articles recently about how automation will not have a net negative impact on jobs, but may actually create more of them. See here , here and here .
In the long term, this is ridiculous. It all boils down to the fundamental economic equation of supply equals demand. Another way of saying this is: we must consume as much as we produce. In the equation below, […]
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