Economics say that technological advances hurt those displaced for a short period of time but the entire rest of the economy improves and the displaced people are smart enough to find other jobs in the new economy with higher standard of living…
Unless the value created never makes it back to the economy…
I once wrote some software that replaced almost an entire accounting department. No bonuses were paid, no salaries increased for the few remaining people, it just went into the shareholders pockets. The company was already very profitable before this.
Economics say that technological advances hurt those displaced for a short period of time but the entire rest of the economy improves and the displaced people are smart enough to find other jobs in the new economy with higher standard of living…
Unless the value created never makes it back to the economy…
> value created never makes it back to the economy, shareholders celebrate profit highs
I once wrote some software that replaced almost an entire accounting department. No bonuses were paid, no salaries increased for the few remaining people, it just went into the shareholders pockets. The company was already very profitable before this.