Laudato Si
One of the most basic but commonly misunderstood aspects of an economy is the fact that robots and machines that rid us of the work of several people are GOOD for everyone.We are only able to eat and enjoy the luxuries we do today because of tools and machines that make the creation of goods much easier. It is abundance that makes an economy prosperous, not scarcity. This is one of the main lessons that an in-depth relationship with Frederic Bastiat’s work will teach a person, and I highly recommend reading Economic Sophisms if the topic piques your interest.
Your lecture of the week this week is Stephan Molyneux explaining why automation is good for an economy, while simultaneously debunking the Marxist Labor Theory of Value:
This does not say, on the other hand, that technology is necessarily moral. I am torn between two views here: (1) The moral stature of a technology is most often determined by the way the technology is used; and (2 – that may conflict with all I have said), Automation may be less moral than I believe, and that Tolkien was right all along…