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Monday, December 10, 2012

The New Reality |As goes the Labor market, so goes workers compensation

Paul Krugman
Paul Krugman points out in the New York Times today, that robots are eliminating the labor market. The consrquences of the economic sustainabily of workers compensation may place the entire system into peril.

"As best as I can tell, there are two plausible explanations, both of which could be true to some extent. One is that technology has taken a turn that places labor at a disadvantage; the other is that we’re looking at the effects of a sharp increase in monopoly power. Think of these two stories as emphasizing robots on one side, robber barons on the other."

Robots and Robber Barons