Look at the retail sector and see the power of the new industrial revolution

Summary: Economists and financial experts are baffled by events because their minds know only the past and so do not see the new industrial revolution at work, slowly in its early days. Look at the retail sector. What explains unusually high corporate profits, rapid growth in sales -- along with slow growth in jobs and … Continue reading Look at the retail sector and see the power of the new industrial revolution

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Why a guaranteed minimum income won’t protect us from the automation wave

Summary: My post A guaranteed minimum income: faux solution for the new industrial revolution sparked discussions in the comments and on Twitter, with some powerful insights and incisive questions. Here are answers to a few of the questions raised. A guaranteed minimum income (GMI) is a powerful tool for fighting poverty. As such it has … Continue reading Why a guaranteed minimum income won’t protect us from the automation wave

Matthew Yglesias tells us not to worry about the new industrial revolution

Summary: The new industrial revolution has begun, yet we have not yet begun to prepare. An article by Matthew Yglesias, neo-lib story-teller extraordinaire, shows why. He explains that faith-based economics assures us all will work out for the best.   Last week I posted Well-meant minimum wage increases will accelerate automation. On the same day … Continue reading Matthew Yglesias tells us not to worry about the new industrial revolution

The coming Great Extinction – of jobs

Summary: News of the coming great extinction has the chattering classes agog with fear. But they're (as usual) looking the wrong way. The rapid evolution of algorithms, software, and robots will make many kinds of jobs as extinct as the Great Auk. This will reshape the world into a wonderland -- or unleash disastrous social … Continue reading The coming Great Extinction – of jobs