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by chroem-
3288 days ago
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> 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. |
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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.