Re:The Rate of Return on Everything, 1870–2015 [pdf]
by djakjxnanjak on Monday May 06, 2019 @02:22PM
(#19842241)
We will have to pass regulations to keep those evil tech companies under control, and those regulations will conveniently create huge barriers to entry in the robot construction business.
But wages are always relative to prices. If everything is being made by robots that nobody has a monopoly on then everything should be very inexpensive. Having to work for the same nominal wages as you had in 2003 is not that much of a problem if nominal prices are now 5% of what they were then.
The problem comes when you have some kind of corruption or distortion or regulatory compliance costs keeping some prices high (see: housing, education, medicine) even as general wages are flat or decline, or just grow less than those costs.