Reply to Is it possible for the economy to grow with less jobs?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We will see in the years to come. Let me give my company as an example. I have been with them for 20 years. We have shrunk by 30% in that time and at the same time produced more output.[/quote]

The Wall Street Journal recently ran an article which stated that a lot of companies are increasing their output while decreasing the number of employees. AI is allowing companies to do more less employees.  [/quote]

Smoke and mirrors. If they were truly more productive then they'd generate more profit which would lead to more demand for goods and services with would lead to more employment somewhere. [/quote]

We're going to enter a transitional period with winners and losers and people caught in the wrong place at the wrong time.

My grandfather spent his entire career working for one plant in a small town in Pennsylvania, the classic small town factory. He was in the "office," the people who ran the plant and was the senior engineer overseeing all the engineering works. In the 1950s-60s when my father was growing up, the plant employed 50 people in the "office" and 1,000 men on the floor. By the time I was a kid in the 1990s, the office had grown to 200 people, but the floor shrunk to 200! All due to advancement in technology and automation.

I don't know what the numbers are now but the plant is still there. And despite this massive decline in manufacturing/industrial numbers, the US economy only grew. I can see AI making us more efficient and wealthier, which will be used to stimulate demands in other and even new economic areas. It's just the transition to that which is going to affect a lot of people in the meantime.
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