The Economy Is a Giant Vending Machine

Even if we could resolve payment's friction issues, however, we would still be stuck with the basic problem that some people have much more disposable income than others. Universal basic income would help, and I'm strongly in favor of it, but I don't think that's likely to be politically feasible anytime soon.

In a way, basic income as an automation solution is both too much and not enough. It’s too much of a solution for the problem of long-run mass technological unemployment, primarily because that’s a fake problem that hasn’t happened yet and likely never will. But it’s not enough of a solution for the temporary dislocation that automation will, in fa... See more