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by psychometry
4335 days ago
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> If automation continues and demand stays the same, things like 3-day work weeks will come about naturally. That's simply not true, otherwise we wouldn't be working the same hours at the same adjusted wages as we were 50 years ago despite massive gains in productivity. A company's increased productivity doesn't benefit the workers, it benefits the owners/shareholders. What do you think the typical factory owner will do when a new assembly line component means he only needs 50 out of his 100 line workers? You're pretty naïve if you think he'll let those 100 employees work 20 hours/week now. No, he'll fire 50 of them and let the wages of the remaining employees stagnate at best since there's more competition for their jobs now. Why? because that's what reduces expenses and improves the immediate share price of his company. Economics 101. |
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Also, if a shareholder makes more money, they buy more, creating new labor requirements elsewhere.