What I mean is that if we assume automation reduces the number of people required to complete a job, those that remain have a high pay rate. Agreed?
This continues as technology gets more sophisticated until the only people left producing things and making money are those that own the tools that do the job.
It only costs $120/hr to hire a plumber because of artificial barriers to entry and a guaranteed market. A better example might be a typist who previously had a solid middle class job taking notes and dealing with faxes because their boss didn't have a cheaper way to do it.
That is what I mean by favoring. Eventually Bezos just owns a machine that runs everything he controls and needs no employees. Eventually. Don't doubt he would if he could.
Your statement contains the core of it though -- systems that favor the people who make the highest wages are in an unstable equilibrium where eventually very very few people make all the wages.
This continues as technology gets more sophisticated until the only people left producing things and making money are those that own the tools that do the job.
It only costs $120/hr to hire a plumber because of artificial barriers to entry and a guaranteed market. A better example might be a typist who previously had a solid middle class job taking notes and dealing with faxes because their boss didn't have a cheaper way to do it.
That is what I mean by favoring. Eventually Bezos just owns a machine that runs everything he controls and needs no employees. Eventually. Don't doubt he would if he could.
Your statement contains the core of it though -- systems that favor the people who make the highest wages are in an unstable equilibrium where eventually very very few people make all the wages.