He can't possibly understand the fundamentals of capital and its role in producing more and more products for us to consume. Robots are capital, they produce products---for humans, not other robots.
The more products in an economy the better. Cowen doesn't seem to understand this on a very basic level.
Alex Tabarrok does a serviceable job of countering Cowen but Cowen should have been smashed on this one.
-RW
If it wasn't for those damn machines I'd have a job mining coal with a pickaxe 15 hours a day.
ReplyDeleteOk, I refuse to listen to Cowen, but seriously? He thinks robots are a threat to us? That we will compete against them in the job market? Isn't it great when someone you know you don't respect for some reason then gives you a good reason?
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