jnarauz

Hi Peter,

A year ago someone brought up the question of abundance and its implication on labor. As technology takes over more complex tasks (via automation) less labor is needed. However, if we reach a critical point where labor needs decrease dramatically there is no economic population to purchase the output (as they would have no jobs). While total "abundance" is perhaps unreachable there has to be a tipping point where labor markets and automation balance each other out. Would you mind commenting on this concept, its implications and perhaps limitations? Thank You.

Thanks Peter, your point is quite valid in numerous commodities markets (e.g. food, energy) or other services (health, education...). However, I don't see your suggestion of nanotech as the influential variable that determines the balance between automation and labor market contraction. Would you mind elaborating a little more on this? Thx.