Cutting Wages With Robots and The Tendency of Profits to RiseOne method to analyze something is to assume its factors can be varied one at a time. Another is to take a limit. Here's an example of that kind of analysis:If robots replaced human labor wages would fall to zero, and all income would be profits to the owners of the robots and the owners of the resources processed by the robots. The rate of profit would rise without wage costs cutting into profits. In a steady-state economy, with little need for new investment, high profits would be just so much more suprlus income to be borrowed or taxed by the government. back to grow-or-die? |