notices - See details
Notices
RR
Ron Rimkus, CFA (not verified)
16th June 2014 | 9:36am

Hi David! Thanks for your comments. It's never immediately clear where the benefits of productivity will accrue (owners, employees, customers, etc.). Who benefits from first order effects depends upon whether or not the business is competitive. However, the second and third order effects send that capital out into the economy and it goes to work somewhere. As long as the money goes into savings or spending (not mattresses), the benefits will accrue to the economy at large, helping all classes (middle class included). The point I am making is that any adversity in the labor market is very likely due to other issues, not robots/automation. Thanks again!