[refurb]

the profits from that automation are going to accrue in the hands of a very, very small elite minority

Why would all profits from new efficiencies go to owners? Generally, efficiencies accrue to consumers through lower prices, unless there is some barrier to entry for that given market.

Furniture is a great example. In the past it was hand made, now much of the process is automated (machines size and cut the wood). That didn't make furniture makers more profitable, it just led to cheaper furniture for consumers.

[chroem-]

> Generally, efficiencies accrue to consumers through lower prices

What good is that without a source of income from employment? Even UBI proposals are for far less than the current median income. At best the two will cancel each other out, though that is a pretty optimistic assumption since most of the motivation for automation is to reduce costs while maintaining prices and increasing profits.

[refurb]

motivation for automation is to reduce costs while maintaining prices and increasing profits

The same thing will happen when the cotton gin replaced manual labor back in 1793. Profits won't go to owners since anyone can buy a machine and offer a lower price as well.

The only time I've ever seen extra profits entirely captured by owners is when there are regulatory barriers to competition.

[chroem-]

>anyone can buy a machine and offer a lower price as well

Tell me more about how I can afford to open a new billion dollar factory.