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Sun Dec 9, 2012, 12:39 PM

Paul Krugman rediscovers Marxism--what's next? Fire? The wheel? [View all]

http://krugman.blogs.nytimes.com/2012/12/08/rise-of-the-robots/



Rise of the Robots

<snip>

Robots mean that labor costs donít matter much, so you might as well locate in advanced countries with large markets and good infrastructure (which may soon not include us, but thatís another issue). On the other hand, itís not good news for workers!

This is an old concern in economics; itís ďcapital-biased technological changeĒ, which tends to shift the distribution of income away from workers to the owners of capital.

<snip>

But the college premium hasnít risen for a while. What has happened, on the other hand, is a notable shift in income away from labor:



<snip>

I think our eyes have been averted from the capital/labor dimension of inequality, for several reasons. It didnít seem crucial back in the 1990s, and not enough people (me included!) have looked up to notice that things have changed. It has echoes of old-fashioned Marxism ó which shouldnít be a reason to ignore facts, but too often is. And it has really uncomfortable implications.



Gee, you think?

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