This paper created some neat theoretical mathematical models but I can't see anything that indicates that they have anything to do with reality.
I thought they'd come up with a neat mechanism that looked at actual wages in real companies where automation was introduced, but no. It's all spherical cows.
>Automation can, therefore, reduce the value of work before it eliminates jobs.
As automation takes over, the value of labor collapses, and workers' market bargaining power under capitalism is the first to crumble. Ultimately, this drives up the value of real assets. I agree that tech companies can profit and gain the upper hand in negotiations simply by demonstrating a machine before licensing it, as this alone diminishes the value of workers. I am seriously worried these days.
But what's the point of real assets if you can't do anything with them? No point in holding real estate if nobody can afford to rent/buy your houses or go do whatever money-spending thing you put on your commercial lots.
The tenants might change in the future. Right now they are individuals, but perhaps properties will be leased to build power grids or autonomous logistics warehouses. Also, if techno-feudalism accelerates and public purchasing power collapses, leading to the introduction of UBI, I think most of that money will just end up going toward essential housing costs anyway. In fact, if you look at recent trends in real estate, commercial properties are where the big money is being made, aren't they?
I thought they'd come up with a neat mechanism that looked at actual wages in real companies where automation was introduced, but no. It's all spherical cows.
As automation takes over, the value of labor collapses, and workers' market bargaining power under capitalism is the first to crumble. Ultimately, this drives up the value of real assets. I agree that tech companies can profit and gain the upper hand in negotiations simply by demonstrating a machine before licensing it, as this alone diminishes the value of workers. I am seriously worried these days.