The robots are coming

Asimo

It is often said that robots, computers and automation will eventually destroy great swathes of employment. There will be little left for humans to do as the machines take over. 

Fear of automation has been common since the Luddites of course, so how should we react to these concerns? 

One response is that new businesses will spring up as old ones die, providing new goods and services as the old ways are automated into oblivion. Human ingenuity is boundless it is said. Nobody should bet against it.

Certainly human ingenuity deserves great respect for its sheer fecundity. Economic optimists have been right so far, although millions of unemployed in the eurozone may have a different perspective. 

Perhaps as the future is unpredictable we may as well extrapolate from the past and remain optimistic. It’s healthier for one thing.

And yet...

Suppose we turn the question around and ask how many worthwhile human activities there are and how many are suited to financial transactions. If the number, however inexact is limited, then we’ll eventually run out of worthwhile things to do for money. We’ll have to base at least some new businesses on things that in one sense or another aren’t worthwhile.

Well that's not new either. Patent medicines for example, psychoanalysis for another. So perhaps it doesn't matter anyway. It all depends on how we choose to define worthwhile activities, how relaxed we are about creating new needs for the sake of creating new needs, whether exploitation really matters if the exploited are happy.  

If customers can be found then maybe it's not for anyone else to judge. Tattoo studios? Nail bars? Recycling? TV soaps? War?

READER: PLEASE CLICK THE REACTION BELOW - THANKS!

All original material is copyright of its author. Fair use permitted. Contact via comment. Unless indicated otherwise, all internet links accessed at time of writing. Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.