Ask HN: Will capitalism survive the robot revolution?

Re:Ask HN: Will capitalism survive the robot revolution? by visarga on Friday January 20, 2017 @02:23AM (#13442217)

You mention things falling down in price. That surely will happen to a degree (there are still costs associated with raw materials and energy, even in automation). But on the other hand, when most of the population will be jobless, who will have money to buy expensive iPhones and cars? What will happen to advertising when they advertise to moneyless people? This is a real danger to economy.

It is unfair to sell products to humans while not hiring humans and not contributing to BHI. It's a one way transaction where money accumulate to the capitalists while the population is depleted. Money should circulate, like water in nature. It should not be captured in some lake (offshore account) from where it goes no further.

Companies are ahead of a big choice: they need to take a loss (accepting to support BHI for population) in order to keep their economic cycle running, otherwise they will all suffer a huge drop in sales. But can they prioritize long term necessities over short term profits?

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Re:Ask HN: Will capitalism survive the robot revolution? by Nevermark on Friday January 20, 2017 @02:46AM (#13442298)

Unfortunately, capital/corporations don't need humans to have an economy. Let's say 1% of the population owns the capital. Then all capital (resources, automation, etc) can be used to serve the 1%. As their wealth grows, and their capital capabilities grow, so may their demand for thing such as space craft or other ridiculously expensive things.

The result would be an economy with fewer and fewer people, and yet the economy is "healthy" in that both production and consumption continue to grow.

Now add in machines capable of a survival imperative, competing with each other to open up new resources to enhance their long term survival. Now an economy grows without any people.

This is the default we are heading toward.

I don't know what the best answer is for humans, except to view all humans as retirees, and give future machines the benefit of retiring in the future too, so that both humans and machines are aligned in the desire to subsidize themselves eventually as they become obsolete.

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Re:Ask HN: Will capitalism survive the robot revolution? by cronopios on Friday January 20, 2017 @02:41AM (#13442287)

<i>It's a one way transaction where money accumulate to the capitalists while the population is depleted. Money should circulate, like water in nature. It should not be captured in some lake (offshore account) from where it goes no further.</i>

Well, that's what he have since Reaganomics, isn't it?

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Re:Ask HN: Will capitalism survive the robot revolution? by stann on Friday January 20, 2017 @02:43AM (#13442293)

This implies that making money can only come from the kind of jobs that are at risk of automation. But I think when robots take over our current jobs, we are freed to pursue other things which may have a different value premium and thus earn money

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