Part 3/11:
When jobs disappear, so too do the wages needed to sustain demand in the economy. Without income, consumers can't buy the cheaper products, leading to reduced business revenues, which in turn could cause a spiral of economic decline—a "death spiral"—where the economy breaks down because of insufficient purchasing power.
The Three Pillars of Human Economic Agency
According to researcher Dave Shapiro, our understanding of economic behavior can be summarized through three fundamental pillars of economic agency, which people primarily seek from employment:
Labor Rights: The ability to work and choose whether to continue or quit a job.
Property Rights: Ownership of assets that generate passive income.