Erik Brynjolfsson and Andrew McAfee of the Massachusetts Institute of Technology point out that when automotive transport arrived, a whole group of workers—horses—were displaced, never to be employed again. They lost their jobs and vanished from the economy.
I would add another historical precedent. Offshoring in the last few decades has eaten up physical jobs and whole industries, jobs that were not replaced. The current transfer of jobs from the physical to the virtual economy is a different sort of offshoring, not to a foreign country but to a virtual one. If we follow recent history we can’t assume these jobs will be replaced either.
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Farid Mheir's insight:
WHY IT MATTERS: the article very well sums up the changes that will impact us all - and the conclusion is bleak. When production is plentiful, very few have jobs. Having access to what is produced becomes the issue - if you don't have a job, you don't have the means to buy what gets produced. We will enter an era of social tensions and can only hope it will not be resolved in a 3rd world war.
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