Actually, this is really good news. Why? Because, if all the jobs in the world were done by robots, nobody would have a job. Without a job, no money. Without money in the hands of the people, none of them could purchase services or products. The business would close, But...
Big business knows this. So, they would reduce their prices enough so that people could buy them. The prices would come down to $zero so people could afford them. People could live free, like on welfare, but still have all the luxuries of life, because the robots would make them. In fact, the robots would mine the natural resources, and build themselves... all for free.
Can't wait. always wanted to do a little traveling. Wanted to do a little hunting and fishing in Alaska. Would like to visit the Amazon jungles, as well. And the Caribbean islands.
Might be simplifying it too much. Like the part where people have to live through the transition. Many without money while things cost money.
The only reason it is viable for companies like McDonalds to use robots instead of workers is because interest rates are so low. The cost of capital is practically free, so cheaper to borrow to build a bot than hire someone. But when interest rates rise again (as they always do), that equation changes. Bot adoption will slow down and only be introduced where the Return on Investment is greater than the cost of borrowing. So fear not, people!
Don't know if interest rates will rise any time soon. And if it won't trigger more problems when they do. But automation will become cheaper with time too. More jobs than ever can now use robots. And that won't stop.
