For A Setting: Automation and the Economy

That... doesn't really work anymore, at least from what I can tell. We're hitting the stride where machines are flat out better than humans in more and more things.

That has been the case for literal centuries. Just as people have been scared of automation taking their jobs.

https://blogs.wsj.com/cio/2017/09/01/as-automation-anxiety-grows-remember-weve-been-here-before/?mod=rsswn

From what I can understand, the economists are simply taking history and using it as a baseline for predictions.

There are no predictions here. Empirical data just confirms that the assumptions hold true. The FAQ has plenty of links with actual studies and more in depth explanations.

Technologists tend to actually look into the technology that is being researched and manufactured and try to see where all of this actually goes in terms of technological evolution and socially. The economists are deep into the assumption that economies tend to be cyclic (which, historically, they are to a point) but make that same assumption on technology.

Cycles are a lot less relevant for most of economics than you think. The reasons why automation doesn't cause long term unemployment have nothing to do with cycles. They also have nothing to do with what kind of technology is created, because it doesn't matter.

Read the FAQ, click some links, look at some studies. This is probably a good start.

/r/AskEconomics Thread Parent