Question: hey Alex you said you would like to talk to me about the increase in unemployment rates as robots take over more peoples jobs

Alex Moldovan answered on 14 Nov 2017:

Hai Mimi! Thank you for sending in your question!
Yes, so.
As robots start becoming more prominent in the work place there will come a point where the human labour force will no longer be desired as it will cost more to have people work than for robots to be installed.

The downside of that is that the people that used to work there have no jobs and nowhere to work which means they won’t have any money to spend. So there will be a little problem.

Companies want to make things cheaply for higher profits, but there will be no one to buy them. So it might all collapse.
OR>

What could happen is that the rich (who own the companies) will be making even more money. Whilst the working class might be out of jobs and have no income, It does not mean to say that the middle class and higher tier jobs will be replaced and as such they will be the ones buying all the products.

Now. This could all be made better if we did a couple of things. A) allowed a % of automation that would still be safe for the economy to survive. B) Got rid of money. C) Introduce universal income which would allow everyone to have a base amount of money.

Does all of that make sense?