Blouge on 30 July 2014
""labor" is going to become insanely cheap and abundant due to the proliferation of robots/machines" - Mr. Khan
This is sheer nonsense. See von Mises:
"Our world is different. Labor is more scarce than material factors of production... there are material factors of production which remain unused because the labor required is needed for the satisfaction of more urgent needs. In our world there is no abundance, but a shortage of manpower, and there are unused material factors of production, i.e. land, mineral deposits, and even plants and equipment."
