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Misunderstanding The Economics Of Robotics

Authored by Charles Hugh Smith via OfTwoMinds blog, Robots are only cost-effective in the narrow niches of commoditized tasks. In the view of Universal Basic Income (UBI) advocates, substituting robots for human labor will not only free virtually all humans from working, it will also generate endless wealth because the robots will be doing almost all of the work. To reach a more realistic understanding of the economics of robots, let’s return to author Peter Drucker’s maxim: enterprises don’t have profits, enterprises only have expenses.
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