Comment Re:In other news (Score 1) 291
Labor will be automated and people driven out of work until the price of labor (wages, salaries and benefits) is less than the price of additional automation.
Automation only causes unemployment in the short run.
Once people get used to working for less and adopt a lower standard of living, employment will go back up.
The minimum compensation necessary to maintain existence is an absolute floor. This minimum represents a life so miserable most first world citizens would find it unacceptable. Between that floor and current wage levels is a lot of room