Saturday, May 3, 2014

Robots will take jobs, Inequality will grow & Rich will inherit more

I read A billion shades of grey in the Indian Express a couple of days ago and the next day came read Today In Dystopian War Robots That Will Harvest Us For Our Organs.

Reading the two makes it obvious that the Economist article is wishful in thinking that
But governments should focus not on redistributing income but on generating more of it by reforming retirement and education.
Seems odd given that their analysis also states:
Wealthy old people will accumulate more savings, which will weaken demand. Inequality will increase and a growing share of wealth will eventually be transferred to the next generation via inheritance, entrenching the division between winners and losers still further.
One would expect that some way of fairly increasing inheritance tax seems to be obvious option.

If more people are educated better, it is far more likely that even programmers will earn minimum wage and a smaller proportion of them will be employed. 

It is interesting that discussions around what the kind of an economic system we will have - After Technology Destroys Capitalism is becoming common.

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