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RE: Capitalism has a new problem: companies without employees

in #economics8 years ago

I would have to do more research on the finer points to give you a better response, but I will say this: getting jobs back to America may be contingent on automation, but it is first contingent on a competitive cost. If automation is cheaper, then sure, jobs will come, and if it's not, then they will stay abroad. I have been arguing for a looooong time that the problem in America is nothing other then the cost of living. People want a $15 min wage (which is crazy expensive compared to Africa for the same manufacturing labor) to try and match inflation. Why bother with automation when you can get human labor for pennies on the dollar, and pay your work force a wage which puts them in the top 10% income bracket among their peers in an underdeveloped nation? The real problem in the developed west is practical inflation and the breakdown of the present monetary system. Anyway, I hope you are heavily invested in crypto!