At Last Economists See the Robot Revolution. Here’s Why They Worry.

(Before It's News)

by Fabius Maximus, FabiusMaximus.com

Summary: When I first warned about the “robot revolution” (the 3rd industrial revolution) 3 years ago, I was one of a minority. Experts assured us it would produce quick benefits without much disruption (unlike the previous 2). Time has brought new evidence, and now concern has replaced confidence. Today we review the problem. The next few posts will consider solutions.

“An increase in the productivity of labour means nothing more than that the same capital creates the same value with less labour, or that less labour creates the same product with more capital.”

- Karl Marx’s “A Contribution to the Critique of Political Economy” (1857/58).

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