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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: mishedlo who wrote (47770)12/20/2005 1:45:44 PM
From: GST  Read Replies (2) of 110194
 
<Wages will go to zero as productivity goes to infinity (machines replace people).>

Not on planet earth they don't. Quite the opposite is the case. If the only productive activity concerned things that machines can do, and if machines do not need as many humans to tender after their needs, then machines would simply replace people -- on robot planet X. But here on earth this is nowhere near to reality. Roughly 5% of Americans have any direct contact with manufacturing things, and yet we have 5% unemployment. If anything you are saying came close to making sense then half the US adult population or more would be unemployed. Your sense of the economy is remarkably limited to some 19th century concept of machine production and a one economy world -- the USA. We live in a global economy where our place in it is far more reliant on knowledge, services and information than on tending manufacturing machines. Get over it -- you are 150 years behind the times.
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