Quote:
Originally Posted by CoachKandSportsguy
However, if the productive find ways to eliminate labor, both by offshoring or by automation, where will the customer growth come from? How do the customers make a living to buy the products offered?
The end game of capitalizm is monopoly with minimal costs and maximum margin. . if the offering is a product, it is all materials and minimal labor. If the offering is a service, it is minimally qualified and minimally paid labor . .
As technology productivity improved with automation, and more jobs are lost, how does the economy sustain itself? This dilemma has no acceptable answer as the individual corporation has its mandate to its shareholders, and the theoretical answer is that there are always jobs available. . but the answer doesn't always work when there are job skillset mismatched due to the recently unemployed not having the skillset of the open jobs of other skillsets. .
This scenario will just slowly worsen until there is a major event which reset the entire economy from excess to deficits everywhere. . or the corporations are taxed to support UBI to create customers for the products the corporations with minimal domestic employees want to sell. .
FYI, this view is very long term, slowly progressing view of the US economy as technology continues being advanced.
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Welcome to capitalism a terrible, horrible system but strangely enough there has been no better system created.
People have been worried about jobs being lost since the beginning of the industrial revolution and strangely enough larger middle class than ever before.
Do believe that many and better paying jobs will be created as industrialization continues.