Posted To Mish Shedlock’s Blog 02/21/2016

Ken:  What will happen to all the workers who are “made redundant” by the relentless advance of technology? Will society provide for them? If not, will they passively accept their fate, or will social unrest follow? A serious question for “developed” economies.

Me:   Of course we’ll have to provide for them (the vast majority of the population that is, which will either not have a job or a job that is not adequate to avoid austerity)…because it will be both the self interested and the ethical thing to do

Rhonda:  History shows us, unfortunately, that sooner or later people come into power who do not do the ethical thing. Will this time be different? One can only pray it will.

Me:  A system does not have a mind to change….only an inherent condition. If you mandate policies that are gracious and that consequently resolve the inherent condition of the economic system (more costs and so prices as a flow than individual incomes simultaneously produced) people will be free and realize it….and then it will be damned hard for an idiot to change it.

 

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