Something tells me from watching what is going on in places like greece, spain, and even stateside in places like detroit and camden, that the above is not going to happen. Or should people expect central banks to print more and allocate more debt to people?
It's going to take some time though as nowadays the middle class doesn't like the idea of more social welfare since there's currently a direct connection to heavier taxes.
We can all collectively live on a lot less than we currently do (stuff-wise, not necessarily money-wise).
I keep hoping that a positive side effect of this economic shift will the reduction of accumulation of unessential crap..
It's interesting to think about how that world would look like. Imagining a constant rate of production, this means that cheaper goods will be spread around fewer people. I imagine that this would drive a push away from mid-level jobs, probably into highly educated roles that innovate or maintain complex autonomous systems.
http://hateandanger.files.wordpress.com/2012/10/buckminster-...
If anything, supply/demand curve logic suggests there would be more trucks overall.
[1] disclaimer: i don't think robot trucks will have 100% utilization, and current utilization is probably higher than 1/3, i just guessed 8 hours of use a day. I think the point stands, more trucks on the road at the same time, but fewer trucks overall.
My day job has large elements of mining haul truck performance. Currently most mines would probably be in the 40-70% utilisation band (for practical purposes), automating the trucks would probably add ... 5% utilisation? Maybe 10%? Both guesses, but they aren't likely to break 75% (I doubt they would break 65%, but I'm wiling to be surprised by evidence).
Practically speaking, the trucks would be more reliable due to automating, and in economic terms, truck hours/dollar would increase (*edit, said drop initially). Supply/demand theory tells us that mining companies could reasonably respond by buying more trucks.
I am referring to http://en.wikipedia.org/wiki/Jevons_paradox
My guess is that jobs lost to truck automation will be less than offset by increases in mechanics for those trucks. What do you think?