Ira Stoll links to Michael Spence at Project Syndicate:
Many current jobs can be automated, then potentially customized:
‘It is important to understand the economics of these technologies. The vast majority of the cost comes at the start, in the design of hardware (like sensors) and, more important, in creating the software that produces the capability to carry out various tasks. Once this is achieved, the marginal cost of the hardware is relatively low (and declines as scale rises), and the marginal cost of replicating the software is essentially zero. With a huge potential global market to amortize the upfront fixed costs of design and testing, the incentives to invest are compelling.’
As Stoll points out:
‘It’s not only McDonald’s order-takers and cashiers that may have their jobs replaced by computers, in other words: taxi-drivers and longshoremen may be next.’
Check out Stoll’s piece ‘How Raising The Minimum Wage Destroys Jobs‘
-You may have noticed the $15 hr minimum wage debate in Seattle, which pitted Socialist Seattle City Councilwoman Kshama Sawant against Ben Shapiro.
It’s enough to make you see red.
-The mayor is reviewing minimum wage options. Really, it still could happen within Seattle City Limits.
Most of the country doesn’t support that kind of socialist base.
As far as political economy, it seems people have a tendency to resist change and protect their own. Some will innovate and make new opportunities. Many businesses have incentives to adapt or perish, and many will try and lead the way and dominate. Many forces both Left and Right will mold their ideas, ideologies, and moral commitments to changing realities in individuals’ lives. They will respond to the incentives from the public, their coalitions and interests, hoping to ride and shape public sentiment into political power.
All with an eye on re-election, of course.