economists in the wild contradiction?
In this video, Autor discusses reasons for Labor's falling share of income.
He mentions Technology, Lack of Competition, Superstar Firms.
Then he says "I believe there will be plenty of work." but doesn't support the claim, since, well, he admits it's a belief.
Then a few seconds later he says "There will be plenty of work, we just need to make sure people have the skills to do it" as if his stated prior belief is a fact, and as if acquiring those in-demand skills is even possible for most people.
In the video he doesn't seem to mention the increasing skills required for in-demand jobs.
For laborers, switching costs from obsolete jobs rise as technology advances, since by definition, technology automates increasingly complex jobs.
Working people have living expenses, and often, dependents which college students generally do not have.
A growing percentage of the population might simply not be able to learn, or be able to afford to learn, the skills required to fill the increasingly complex requirements of the new jobs being created.
What happens then? How will price signals travel through the market if only a few people a have most of the money?
As a society, we accept that not everyone will play in the NBA.
Are we ready to accept that, compared to robots, a growing number of workers will simply no longer be skilled enough to be employable?
Because this seems to the direction we are heading.
It may also explain why Capital's share of income is increasing. Switching costs are lower. Firms can replace workers with robots, whose increased profitability more than covers the higher salaries of the few highly skilled workers required to manage the robots.
There are appx 4 million bus, taxi, and truck drivers in the US. Are they all going to learn to code when autonomous vehicles come online?
Are the 9 million retail sales workers going to retrain to program AI at superstar firms? Really?
It would be helpful if this question were addressed along with some evidence supporting the claim that the accelerating pace at which technology is advancing will produce abundant job opportunities roughly in line with skills achievable by the majority of the population.
Cause, looking at the stats, I'm kind of skeptical.