people say this is not new: since 150+ years we see exponential growth in productivity and still we still have a 40h work week and almost full employment. where does the extra productivity go? and will this trend continue?
1.) marx hints in the manifesto what happens with the overproduction: it creates a crisis within capitalism. "In these crises there breaks out an epidemic that, in all earlier epochs, would have seemed an absurdity—the epidemic of over-production." capitalism has learnt do deal with this but to some degree the mechanisms are still the same as 150years ago. creating extra demand via advertising. destroying the existing production. war. legally limiting access. e.g. via so called "intellectual property". as a more permanent solution: capitalism in former centuries had the opportunity to expand into other continents. but this is gone. and there is a limit to aggressive advertising. the "best" method to get rid of access production today is via war. works twice: you need weapons and you do need to rebuild what has been destroyed.
2.) so if we are not able to limit the excess productivity by shorting labour hours and installing basic income then what we will see is heading to is war and destruction. if you look today: most jobs are in areas that are useless or harmful to society: advertising (an industry that creates dissatisfaction), financial products creating fictional capital and of course war. also most products could last much longer then they do..etc.. also think of the ecological footprint of the useless crap.
3.) so if we do not want to wake up in an even more distyopian world we better make sure that we compensate the productivity gains with working less hours and demanding more money and fighting for a universal basic income..