10 ms·
It's all just Baumol's cost disease. Sectors like ours becoming more productive drags up the cost of labour everywhere else. In manufacturing, that increases t
by devnullbrain 1y ago
It's all just Baumol's cost disease.
Sectors like ours becoming more productive drags up the cost of labour everywhere else. In manufacturing, that increases the incentive to skip any step that needs human input (e.g. increasing the stitch pitch and avoiding saddle stitching in leather). In services, it's your main input cost.
We can increase the efficiency of huge swathes of the economy, but eventually humans become a hard bottleneck. It takes a huge technological leap to overcome that.