Technical innovation increases the productivity of labor in industry. If production shouldn’t be wasteful, there needs to be a reduction in workers. Where do all these workers go if there’s no unemployment? In a capitalist economy the workers are left to die on the streets but in a socialist economy they need to get a job again, right? Does the state take the burden of cost of reeducating these workers to enter another field and factor this into calculations when introducing new technology?

  • Kaffe
    link
    166 months ago

    move them into other industries to develop those ones and shorten the workday, retire workers.

    China’s retirement age for industrial workers is very low (55 for women, 60 for men)