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seabee
on April 2, 2016
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Will minimum wage hikes lead to a huge boost in au...
True in a monopoly situation, but if you have competition and they can automate like you, there will be a race to the bottom.
makomk
on April 2, 2016
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Now suppose the automation technology is thoroughly patented and the inventor effectively has a government-granted monopoly on the right to use it or anything similar to it.
icebraining
on April 2, 2016
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That might delay things, but (1) patents expire and (2) there are often ways around them.
marcosdumay
on April 2, 2016
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In this case, the inventor gets rich, and everything still gets cheaper (just not as much as in the alternative).
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