The economic consequences of automation

September 19, 2019
„The silent march of automation continues. Most economists view this trend favorably: Technology, they say, may destroy jobs in the short run, but it creates new and better jobs in the longer term. The destruction of jobs is clear and direct: A company automates a conveyor belt, supermarket checkout, or delivery system, keeps one-tenth of the workforce as supervisors, and fires the rest. But what happens after that is far less obvious.“ (…)