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Automation Doesn’t Just Destroy Jobs–It Destroys Profits, Too
The idea that taxing the owners of robots and software will fund guaranteed incomes for all is not anchored in reality. Automation is upending the global order by eliminating human labor on an...
View ArticleWhy I Will Never Hire Anyone, Even at $1/Hour
One of the most appealing beliefs about technology–that it will always create more jobs than it destroys–is no longer true. It was true in the first and second industrial revolutions, for one simple...
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Why The Status Quo Is Doomed, Part 1
We’re like the passengers on the Titanic 10 minutes after the mighty ship struck the iceberg: there is virtually no evidence to those on deck or those snug in their warm cabins that everything they...
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The World of Work Has Changed, and It’s Never Going Back to the “Good Old Days”
The world of work has changed, and the rate of change is increasing. Despite the hopes of those who want to turn back the clock to the golden era of high-paying, low-skilled manufacturing jobs and an...
View ArticleThe Most Profitable Work Will Be Automated: The Rest Will Be Left to Us
What’s abundant and what’s scarce? The question matters because as economist Michael Spence (among others) has noted, value and profits flow to what’s scarce.What’s in over-supply has little to no...
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Work Won’t Be Scarce–It’s Paid Work That Will Be Scarce
All the media chatter about work disappearing due to automation fails to draw the critical distinction between useful but unpaid work and profitable work.Since value (and profits/wages) flow to what’s...
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Business Owners Who Employ Illegal Aliens Should Be Arrested
Alcatraz Prison by miss_millions CC 2.0 They should be jailed, denied bail due to the severity of the crime, and tried under the Patriot Act and other federal code for supporting whatever heinous...
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Do the Roots of Rising Inequality Go All the Way Back to the 1980s?
I presented this chart of rising wealth inequality a number of times over the past year. Do you notice something peculiar about the inflection points in the 1980s? Correspondent W.S. noted that the...
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The Rowboat (Wages) and the Yacht (Assets)
The reason why the status quo has failed and is fragmenting is displayed in these three charts of wages, employment and assets: wage earners (labor) are in a rowboat trying to catch the yacht of those...
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So You Want to Get Rich: Focus on Human Capital
So you want to get rich: OK, what’s the plan? If you ask youngsters how to get rich, many will respond by listing the professions the media focuses on: entertainment, actors/actresses, pro athletes,...
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