We should also shorten average man hours while increasing the wages. Automation can allow higher output with less required labour afterall.
If in time we could evolve to a fully automated system then why shouldn't we? However the way the current system is build with distribution mostly along merrit of labour as a cornerstone to it does provide potentially significant social challenge's. It might make a lot of orthodox economical thinking simply redundant.
Profit is the prime driver in everything because profit is what allows you to reinvest and grow something. Not making any profit means you can only sustain what you have so in general more and more profit is good. Without profit there is no growth,
Unfortunately every employer will see the investment in automation will have to be paid for by both increased productivity and the employment of fewer people doing more than ever for as little reward as they can get away with. Altruism doesn't figure highly.
We should also shorten average man hours while increasing the wages. Automation can allow higher output with less required labour afterall.
If in time we could evolve to a fully automated system then why shouldn't we? However the way the current system is build with distribution mostly along merrit of labour as a cornerstone to it does provide potentially significant social challenge's. This evolution might make a lot of orthodox economical thinking simply redundant and require significant social changes to be maximised the utility for the public good.
I suppose automation, AI etc come down to people need money to buy the things the technology is helping to build
Technology is a huge benefit to business and employees but as you say, there is likely to be a huge social change in the coming years. My fear is that the politicians are ill-equip to deal with it or even acknowledge it
Unfortunately every employer will see the investment in automation will have to be paid for by both increased productivity and the employment of fewer people doing more than ever for as little reward as they can get away with. Altruism doesn't figure highly.
Thats imho the "paradigm shift" that requires due attention to our thinking in economics.
As it is, the majority benifits of automation seem to go to the elite that holds the means of production and they have interrest in keeping it like this as long as any social unrest to it can be managed. Logicly they would have interrest to buy the politicians for their cause and indeed imho many times the politicians seem to just sell out on the public.
The logical signs of an ongoing automation evolution going on in society that could cause social issue's is that automation would likely make the most simply and mechanical tasks redundant first and it would hit the uneducated class harder leading to more emhasis in society for higher education and even them more specificly of a technical kind. Well atleast to me that seems a sign.
Another sign would be when on a global scale the costs of manual labor would be significantly decreasing as to still enable competition with automation, which might seem just that when much of the manufacturing sector moved to low labour country's despite the available technoligy and demand domesticly.
Ffs, get yourself on Twitter instead, loads of Brexit arguments there.my employer is definitely seeing increased productivity due to lack of brexit thread to read!