Robots and wages

The conventional wisdom says that, as robots take over jobs, the increased productivity should be good for everyone. With robots taking the mundane jobs and increasing productivity, people should make lots more money.

This article from USAToday has a paragraph that paints a different picture:Manufacturing is, right now, the most robotic area of the economy. As the service sector turns robotic, we should expect to see this same downward spiral there as well. Manna talks about this -- most of the "normal" jobs head toward minimum wage instead of getting better as the robots arrive. Instead of the wealth created by robots spreading out to everyone, it concentrates in the wealthy, since the wealthy own the robots.

See also this post.

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