It's one important reason why inequality appears to be steadily increasing - workers are being deskilled or rejected at the lower end of the economy and the replacement is also gradually moving up the social tiers. Even things like law are threatened by automation, computer knowledge systems, etc. The owners of the capital behind these innovations are getting much richer, whilst worker incomes fall. It is also clear that this is causing a decline in aggregate demand as people have to earn money somehow to buy the goods and services on offer. In addition, tax revenues are moribund. Modern neoliberal governments like the one permanently entrenched, regardless of party, in the UK, have stopped taxing big corporations, so services must be funded by taxing the poor and medium income earners. Both groups have falling real wages.(Original post by InnerTemple)
Really? Is this true - I'm not totally convinced.
If you are right - then I'd disagree with the word sadly! I'd also wonder if it is temporary? What happens when robots start doing the jobs other robots have moved humans to? I.e. - the former Asda checkout worker being replaced by a shelf filling robot etc.
A collapse is getting ever closer....