Post by peterv on Apr 24, 2014 7:54:44 GMT
How does the economy function?
According to economics textbooks, people go to work to produce goods and get paid wages. They spend their wages on buying the produce of their labour. Money is the means by which the product of our labour is distributed back to us.
What will happen when everything we use is made by machines? How will the product of the robots be distributed? What will be the function (if any) of money?
According to this video (and new book), in the first machine age machines took over our muscle work; in the 2nd, they will take over our brain work.
www.bbc.co.uk/news/technology-27125728