Curious how Austrian model would deal with proliferation of automation.
I’m not much a believer or follower of Austrian economics, however I’m asking this question in good faith:
What is the Austrian approach to dealing with the repurcussions of the growth of automation. With the proliferation of AI and advancing automation technology, there’s a clear risk of higher unemployment as industries and jobs are replaced by automation at a greater rate than job creation.
Many have proposed a UBI as being the solution to potential mass unemployment and the corporate capture of the cost savings and profit of automation – however that would seem to be quite opposed to the Austrian school of thought.
It seems plausible that the next decade or so could bring mass unemployment caused by automation – how would Austrians address this?
submitted by /u/Mr_Rekshun
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