I liked this video from The Atlantic. The “robots are stealing our jobs” meme has been around for about as long as human beings have been around….
Now, I am way oversimplifying things here and yes, there’s a big jobs problem in the USA, but better technology isn’t necessarily the primary cause of the problem. Better technology doesn’t kill jobs, it makes us more efficient so we can consume more in the future. The bigger problem is whether machines are contributing to income inequality and actually making capitalists so efficient that they can overpower the labor class.
And furthermore, wouldn’t it be totally self defeating for the capitalists if they destroyed the labor class to the point where it doesn’t exist where it can’t even buy the goods the robots are making? I mean, a good (err, bad) capitalist wants to keep a brother down, but they don’t want to drive them to the point where they can’t even buy the goods that are produced….
Feel free to use the comments to let me know how stupid I am….
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.