Part 2/10:
The initial lecture emphasized a fundamental truth: as machines and automation become more efficient than human labor, the substitution of labor with technology will become economically inevitable. This paradigm shift raises critical questions about the future of work, wages, and the associated economic interdependencies among the four pillars of the economy: consumers, businesses, governments, and banks.
Consumers, now redefined from "workers" to "purchasers," require economic agency — a concept rooted in the ability to access wages, property rights, and democratic participation in order to thrive in the market. If automation leads to mass unemployment, the resulting decline in consumer purchasing power could result in a catastrophic economic death spiral.