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Comment by emp17344 | Hacker News Reader

This is incorrect. It’s basic economics - technology that boosts productivity results in higher salaries and more jobs.

That’s not basic economics. Basic economics says that salaries are determined by the demand for labor vs the supply of labor. With more efficiency, each worker does more labor, so you need fewer people to accomplish the same thing. So unless the demand for their product increases around the same rate as productivity increases, companies will employ fewer people. Since the market for products is not infinite, you only need as much labor as you require to meet the demand for your product.

Companies that are doing better than ever are laying people off by the shipload, not giving people raises for a job well done.

Well, that depends on whether the technology requires expertise that is rare and/or hard to acquire.

I'd say that using AI tools effectively to create software systems is in that class currently, but it isn't necessarily always going to be the case.

You obviously haven't thought about economics much at all to say something this simplistic.

There are so many counter examples of this being wrong that it is not even worth bothering.

I love economics, but it is largely a field based around half truths and intellectual fraud. It is actually why it is an interesting subject to study.

Denial of economic truths is denial of science. Not sure what to tell you. What parts do you reject?

Like denying that more efficiency without a commensurate increase in product demand means the demand for labor goes down, which means fewer jobs, and lower salaries? You don’t pay people what they’re actually worth, you pay people what they’ll work for. Requesting more money because you’re making the company more money is only viable if there aren’t qualified people lining up for the chance to take your role. Even without more money, well-paid people tend to regrettably get laid off in those circumstances.

Nah, most of it just gets returned to capital holders.

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