To those that worry robots will take all jobs, chill out.
Even if there's only 1 type of job left for humans to do and all else are automated, earnings from that 1 type will grow to infinite.
Even if there's only 1 type of job left for humans to do and all else are automated, earnings from that 1 type will grow to infinite.
For example, if teaching yoga is the only type of human job left, yoga teachers will end up making say, $1 million a year or something crazy.
The reason is if productivity in all sectors of economy go up b/c of automation except in one sector, that sector's price will go up so much that it captures all the value accrual in economy, as long as that sector cannot be replaced.
It's for this same reason that yoga class in America is much more expensive than yoga class in Bangladesh. Not because yoga teachers in America are better at their job. But because productivity in the rest of economy is a lot higher in US than in Bangladesh.
We'll see a similar pattern play out in robot-dominant economy. The only problem is not everyone can become a yoga teacher or a nurse.
Still, as long as humans still value "human touch", which cannot be scaled, there'll be jobs left for humans to do that pay well enough.
Still, as long as humans still value "human touch", which cannot be scaled, there'll be jobs left for humans to do that pay well enough.
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