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RE: Doug Casey and I Destroying Commies On Universal Income
I get that automation will make things cheaper, but this doesn't address what the people with no jobs are going to do.
The only thing I'm worried about is there not being enough jobs and people starving.
If robots can one day make everything for free, then we will all be happy and fat, and who cares. I don't get how cheaper things is a bad thing? The only time there is people starving is when governments prevent markets from working. Trust me, no businessman will employ a machine to do a process that does not produce income, that is, profit from consumer demand. Entrepreneurs can only profit when they bring things to market that consumers are willing to spend their money on, and that are cost effective. If consumers do "run out of money" the machines will be scrapped in favor of cheaper production methods, that allow for the most effective use of capital. Markets adjust in this way all the time. When consumers search for the lowest prices, the market delivers. We just have no way of knowing what new products and processes that will be created in the future and just how much better off we will be. To think that this point in time is the pinnacle of civilization is to make the same mistake of thousands that came before us, who did not have near the standard of living we take for granted. As long as people are free to live and work as they please, society benefits.