We are indeed in the beginnings of a post labor age.
I think we have been moving towards more knowledge and creativity based economy slowly, slowly and then quick bursts of change, followed by slowly, slowly, then quick bursts.
I still think one preserves your job, by using technology to make one more valuable, not by sitting around and waiting for technology to make you replaceable.
Lastly, I think inflation devalues the value of labor, because fiat is the currency representative of my expended labor. And inflation devalues my fiat, so it devalues my labor. Now technology does so also. So devaluation of fiat will be accelerated by technology? Scary thought.
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Actually you require more currency in a technological age.
Technology is deflationary and the pace we are heading with, more currency is going to be required. Since few understand this, the political will is not going to be there. That is why cryptocurrency is crucial.
What happens when people lose their jobs? How does that affect the structure of the economy? This is something few are asking.
So technology is deflationary by making goods cheaper.
but if it devalues my labor and increases the value of currency, then if I am paid in currency, does technology also increase the longterm value of my labor, as stored as currency? So it devalues my actual labor, but increases the value of the storage form of my labor?
Interesting...
The problem with technology being deflationary is that pushes revenues of companies down. That means they have less money to play with which means they have to cut costs. Ultimately, that means less jobs with people being laid off.
If you have no job, what is the value of your labor. When this happens on an industry wide or economy wide scale, you can see a problem.
Few have seen what a truly deflationary environment looks like. Take you thinking and apply it to the Great Depression, the last truly deflationary period in the West. That was not a good period for people.
Defaults increase. Companies go out of business. People lose their homes.
Thanks