Re:Should economists be more concerned about AI?
by phkahler on Thursday March 02, 2017 @09:09AM
(#13774050)
If there is a lot of competition, the capitalist will have to lower prices to compete. Without competition he may just enjoy the increased profits. Either way I think job destruction is the more certain result, but you are right in that it is done with the intent of increasing inequality whether that happens or not.
Automation transfers an increasing share of returns of economic activity to the capitalist owning the automated tool from labor; "destroys jobs" may be a result, but increasing (in the absence of some compensatory mechanism) economic inequality is a more certain result.