To be fair, the tone is stronger than his ultimate argument. He goes on to outline four or five examples where the short term effects could be pretty devastating.
It's important to note that in the long run, labor markets reach an equilibrium, adapting to any current technological capabilities.
Then again, it's also important to note that in the long run, we're all dead.
Comments
"There is a long history of exaggerated concern, rightly derided by economists, with the replacement and hence displacement of workers by machines."
- Judge Posner
http://www.becker-posner-blog.com/2013/03/automation-and-emp...
To be fair, the tone is stronger than his ultimate argument. He goes on to outline four or five examples where the short term effects could be pretty devastating.
It's important to note that in the long run, labor markets reach an equilibrium, adapting to any current technological capabilities.
Then again, it's also important to note that in the long run, we're all dead.