I don’t worry terribly about excess unemployment though.

I don’t worry terribly about excess unemployment though.

Rates are generally low. New skills will be developed for the new jobs that will be created with automation. A lot of jobs will be programmers and repair people of course, and the industries that support those industries, plus a lot of security people: someone has to make sure nobody is destroying/stealing all that expensive machinery.

New jobs will emerge. Also, there will be a natural backlash of “homemade” stuff that will create an alternative economy that will satisfy the creative needs of people and they’ll be happy to pay and get paid for it.

Here’s current unemployment rates per major countries:

United States 5
Euro Area 10.3
China 4.05
Japan 3.3
Germany 4.3
United Kingdom 5.1
France 10.3
Brazil 8.2
Italy 11.7
India 4.9
Russia 5.8
Canada 7.1
Australia 5.7
South Korea 3.8
Spain 20.9
Mexico 4.15
Indonesia 6.18
Netherlands 6.5

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