motivation for automation is to reduce costs while maintaining prices and increasing profits
The same thing will happen when the cotton gin replaced manual labor back in 1793. Profits won't go to owners since anyone can buy a machine and offer a lower price as well.
The only time I've ever seen extra profits entirely captured by owners is when there are regulatory barriers to competition.
The same thing will happen when the cotton gin replaced manual labor back in 1793. Profits won't go to owners since anyone can buy a machine and offer a lower price as well.
The only time I've ever seen extra profits entirely captured by owners is when there are regulatory barriers to competition.