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RE: LeoThread 2025-05-30 12:16

in LeoFinance4 months ago

This sounds dire, but we’ve been here before. In the 1930s, John Maynard Keynes thought that labor-saving devices were “outrunning the pace at which we can find new uses for labor.” Analysts thought the same thing in the 1960s, when John F. Kennedy warned that “the automation problem is as important as any we face,” and in our era, too.

If a prediction has been consistently wrong, it doesn’t necessarily mean that it will forever be wrong. Still, we shouldn’t have much confidence in the same alarmism, repeated for the same reasons.

If technological advance was really a net killer of jobs, the labor market should have been in decline since the invention of the wheel.