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To: neverdem
The theory holds that automation, especially of the digital variety, is happening more quickly than entrepreneurs and human capital can adjust.

Alarmist cranks have been preaching this baloney since the 1700's.

They always ignore that someone will have to design and build the automation. And the raw materials for that automation will have to be dug out of the ground by someone. And the automation that reduces the number of jobs needed to dig the raw materials out of the ground will have to be designed by someone else and built by yet someone else again.

And so on.

We're seeing job losses now because the government is making it too expensive to hire. Investment in automation always cuts jobs where the automation is applied. That's its purpose. But in the 400 years since the Industrial Revolution began, more people have always found better work.

It's somewhat counter-intuitive, but you might call it the "growing pie" effect.

It worked very well till Obama was elected. But that's a different story.

15 posted on 02/04/2013 4:22:00 PM PST by BfloGuy (Money, like chocolate on a hot oven, was melting in the pockets of the people.)
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To: BfloGuy

I don’t care if a factory is automated or not AS LONG AS THE FACTORY IS IN THE USA.


30 posted on 02/05/2013 1:46:29 PM PST by central_va ( I won't be reconstructed and I do not give a damn.)
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