The rise of machines is in part to blame for growing income inequality, according to Paul Krugman.
The Nobel Prize-winning economist and New York Times columnist said in an interview with Business Insider that companies' preference for investing in machines instead of workers is partially to blame for income inequality in the 21st century. That's a shift from the last two decades of the 20th century when income inequality was mostly about the differences between high-skill and low-skill workers.
"Technology has shifted in a way that really favors capital over labor," Krugman said. "That makes it possible to replace people with machines."
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