Robots are not fundamentally different from other labor-saving innovations, and there's no reason to believe increased innovation will lead to mass unemployment or mass poverty.
When a parent leaves the work force to focus on parenting, this shows up in government stats as lower employment and less consumer spending — suggesting a less productive economy. But that's not what's going on at all.
It's impossible to calculate the cost and benefit immigration without considering psychic profit and loss. And the government definitely is in no position to make any calculations at all.
Hard-left "democratic socialists" think they figured out how to make government planning possible: use prices. But there's a problem in their argument: prices are impossible without markets.
Consumer reviews demonstrate one of the important ways that the market itself provides people with more important information in making purchasing decisions.
Behavioral economics claims it has shown that people behave irrationally — often make mistakes, and have problems with self-control. But is this really irrational behavior?
But when prices change today, what are they telling the various and relevant market participants about what it suggests will be the situation tomorrow?
