Re:More Robots, Fewer Jobs: capital vs. labor in production
by Jabanga on Monday May 15, 2017 @12:52PM
(#14343076)
People work fewer hours but the aggregate demand for labour per capita has increased substantially, meaning the average person earns far more per day than people in the past, working fewer hours per day.
If people chose to work more hours, the hourly wage would decrease somewhat, but total wages paid out would still increase, since it would contribute to higher levels of production.
In other words, people work less because they choose to work less, not because there is less demand for their labour. There is objectively more aggregate demand, as measured by constant dollars spent on it, for labour per capita.
If people chose to work more hours, the hourly wage would decrease somewhat, but total wages paid out would still increase, since it would contribute to higher levels of production.
In other words, people work less because they choose to work less, not because there is less demand for their labour. There is objectively more aggregate demand, as measured by constant dollars spent on it, for labour per capita.