Chinese factory made international headlines two years ago by firing 90 percent of its workers, while simultaneously making 162.5 percent more stuff. How did they do it? Automation.
Since then the mainstream media has worked itself, and many Americans, into a frenzy over “job-stealing” robots. Automation will cause mass unemployment and poverty, they say. Therefore, we should tax the robots , and use the proceeds to fund a universal basic income—presumably administered according to the maxim from each according to his ability, to each according to his needs , or something like that. Even otherwise pro-business, economically literate publications like […]
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