Why The Robot Age May Create A Massive Deflationary Bust
From Chris Martenson Blogs January 29, 2013 - 12:02pm
The transition back to an electricity-centric economic is regressive
Declining net energy and peak expansion are co-incident
Change that substitutes labor without providing a higher use for it is deflationary and results in inequality
Our challenge is to find sustainable work for society
If you have not yet read The Siren Song of the Robot, available free to all readers, please click here to read it first.
Capitalism demands fast gains in productivity. Capitalism seeks revolutionary change. But it’s not clear whether a revolution in machine intelligence leads to a deflationary boom, per Schumpeter, or a deflationary bust.
Writers such as Paul Krugman have perhaps moved too quickly, too easily, to conclude that a massive increase in production from such technology leads sustainably to large growth in GDP without severe consequences. Indeed, in a recent...