"The solution to the social issue caused by the loss of jobs to automation (at a faster rate than new jobs are created) is so simple and so obvious that it is probably UNachievable. John Lennon would have said it something like this: "Imagine higher wages, and shorter hours too". Capital and enterprise could still be rewarded and we would all earn more, work less and achieve that elusive work/life balance that we keep saying we want. No QE, skyrocketing debt, charity, social security or low rates for an "extended period" required. Ayn Rand and Karl Marx could both rest easy! Problem solved - easy schmeasy! :)"
I enjoyed your tongue-in-cheek email but what you suggest is, of course, a lefty central government plan.
For the success and profitability of a business you might run in a competitive local or multinational environment, would you rather employ more people for higher wages and shorter hours, or replace them with smart machines?Back to top