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by krapp 1521 days ago
>If we produce enough of everything with less labor, each individual will work fewer hours to get all of their needs met.

No they won't. If people work fewer hours, they'll simply be paid less, barring legal limitations like a minimum wage. Meanwhile, costs will remain the same.

1 comments

People are paid in goods/services, fundamentally. As production per hour of labor increases, so does wages, since there are fewer hours chasing more goods.
That hasn't been true in 50 years