The Economic Implications of Automation

Automation is a growing concern as machines become capable of performing tasks better than humans. The potential Skynet Apocalypse scenario raises questions about the future of jobs, income, and economic systems. The idea of a future where humans have nothing of value to provide prompts speculation about what entity would provide for people's basic needs. One proposal is a universal basic income funded by taxing highly automated companies. However, our current economic systems prioritize the value produced by individuals, leaving those who don't contribute economically vulnerable. Extreme automation could lead to a small group of wealthy machine owners dictating the production of high-end goods, while the majority faces limited income or even starvation. Although the future is uncertain, factors like declining birth rates in advanced economies and the challenge of replacing labor in developing countries suggest a gradual shift towards increased automation rather than an overnight job crisis.