Re:Economists are revising their views on robots and jobs
by neilwilson on Thursday January 27, 2022 @02:21AM
(#30097304)
Not quite. It avoids the thorny question of "what is value" that Marxists disappear up their own fundament with.
Here the Labour hour is valued only in terms of its exchange rate to the denomination that the area pays tax in.
The rosy side of the equation happens when we look at the price of useful products that can be automated, like fridges or computers, where labourers are much richer in such products than they were 100 years ago. However, the ugly side is visible when looking at the price of products that can't be automated, like land, where labourers are much poorer then they were 100 years ago. The difference is often made up of useless products that could be automated, like cheap fashion or fast food, which marketing keeps pushing as hard as possible.