>>But, therein lies a paradox, right? I mean, when you see..ay that companies reduce costs/prices.
There is hardly a paradox. Automation causes small term problems but great long term benefits. I won't go too far in history. But as early 1980's India saw massive protests and Nation wide bandhs to protest introduction of computers(and other automation) in the country. People just could not get themselves to accept that their jobs will be replaced by machines. But that event came to pass anyway. Many problems to people of that era in India, are even unknown to the youngsters in India now.
>>The net result is that profits increase, which benefits a relative few rich, while the quality of life for many is reduced or stagnant at best.
Again, I completely disagree. If you keep changing the definition of poor frequently then its nearly impossible to eradicate poverty ever. Poverty today is nothing like what it was even a century ago.
>> the world's wealth is accumulating to a very small number of people at an accelerating pace.
The world's wealth will always accumulate at places, professions and people which benefit from economies of scale. It doesn't matter which system of economics those people are in.
There is hardly a paradox. Automation causes small term problems but great long term benefits. I won't go too far in history. But as early 1980's India saw massive protests and Nation wide bandhs to protest introduction of computers(and other automation) in the country. People just could not get themselves to accept that their jobs will be replaced by machines. But that event came to pass anyway. Many problems to people of that era in India, are even unknown to the youngsters in India now.
>>The net result is that profits increase, which benefits a relative few rich, while the quality of life for many is reduced or stagnant at best.
Again, I completely disagree. If you keep changing the definition of poor frequently then its nearly impossible to eradicate poverty ever. Poverty today is nothing like what it was even a century ago.
>> the world's wealth is accumulating to a very small number of people at an accelerating pace.
The world's wealth will always accumulate at places, professions and people which benefit from economies of scale. It doesn't matter which system of economics those people are in.