Since many of the people who work in fields like artificial
intelligence and robotics are talking about the future
prospects for these technologies on a fairly regular basis, I
assumed that a similar discussion must be going on among
economists. Surely, the economists are thinking ahead. If
machines suddenly get smarter and start doing many of
our jobs, then the economists will have a plan in place. At
least they will have thought about it; they’ll have some
good suggestions. Right?
Well, no. It turns out that while technologists are actively
thinking about, and writing books about, intelligent
machines, the idea that technology will ever truly replace a
large fraction of the human workforce and lead to permanent,
structural unemployment is, for the majority of
economists, almost unthinkable. For mainstream economists,
at least in the long run, technological advancement
always leads to more prosperity and more jobs. This is
seen almost as an economic law. Anyone who challenges
this “law of economics” is called a “neo-Luddite.” This is
not a compliment. (Bolding added)