in 20 years there’ll be a wave of economic demand and labor supply.
By that time, people are competing against humanoid robots and office AI to see who can do the job the cheapest. Humans are in the end not going to win that race. Robots and AI are a bit silly now but are getting better and cheaper quickly. There will buy a lot of labor supply, but with most people in a trailer park trash existence there won’t be that much demand.
We do still actually see that lower income households tend to have the highest birth rates, even in places where child labor is outlawed.
And I’m gonna disagree about the demand thing. People have demands from the base act of existing. Lower income people have proportionally higher demands. Their entire income is consumed and goes to other people. If you’re looking for people to do economic activity and whatever tasks you need done by a human, low income people are usually incapable of seeking a life elsewhere, and quickly return any compensation they get to circulation near where they are.
Lower income households also have the highest mortality rates and shorter lifespan.
I´d argue higher income people spend money a lot more money on other things than the basics, like apparel, entertainment, travel, starbucks coffee, … Entire industries disappear when people can´t afford the products or services. In times of crisis, people stop certain spending and you get all the restaurants, hotels, amusement parks, fancy shops and so on crying they don´t get as much business anymore and slowly start to go bust.
That used to be true until children were not allowed to work anymore. They’re quietly trying to roll that child labor of course.
By that time, people are competing against humanoid robots and office AI to see who can do the job the cheapest. Humans are in the end not going to win that race. Robots and AI are a bit silly now but are getting better and cheaper quickly. There will buy a lot of labor supply, but with most people in a trailer park trash existence there won’t be that much demand.
We do still actually see that lower income households tend to have the highest birth rates, even in places where child labor is outlawed.
And I’m gonna disagree about the demand thing. People have demands from the base act of existing. Lower income people have proportionally higher demands. Their entire income is consumed and goes to other people. If you’re looking for people to do economic activity and whatever tasks you need done by a human, low income people are usually incapable of seeking a life elsewhere, and quickly return any compensation they get to circulation near where they are.
Lower income households also have the highest mortality rates and shorter lifespan.
I´d argue higher income people spend money a lot more money on other things than the basics, like apparel, entertainment, travel, starbucks coffee, … Entire industries disappear when people can´t afford the products or services. In times of crisis, people stop certain spending and you get all the restaurants, hotels, amusement parks, fancy shops and so on crying they don´t get as much business anymore and slowly start to go bust.