I’m going to step outside of what I typical write about and ask “Who will buy the widgets of tomorrow”?
What I mean is if the labor force is being replaced by the advance of all types of robots (see my article called Fighting to stay in the middle class for more on this topic) and automation, who will have the money to keep the economic engine running? So if there are no human consumers, then who will buy the widgets of tomorrow?
Robots don’t need status purchases and the last time I checked they don’t really consume cloths, sex, food or even drink water! If robots don’t need the basics, then they definitely don’t need to watch TV, movies or listen to the radio. Maybe all they’ll need is a power source (batteries, or some power source), oil (joking), and a hot spot (wifi) for internet connectivity. Robots need a connection to the internet to access massive online databases and service packs and patch to their software.
Perhaps a lot of the human labor force (vs the upcoming robotic labor force) will go back to our agriculture roots, or maybe worse become hunter gatherers (joking again).
Perhaps the current economic models are obsolete? Maybe robots will make the human working model obsolete and we will all be able to just enjoy life? If you think about it, even the old Feudal models (where a select few are kings or lords, and the rest of us are pheasants) really don’t make sense anymore. You see the Kings of today (Gates, Buffett, Lebron (not joking)) really wouldn’t need humans to do their work if robots could do it all. It’s kind of scary if you think about it, the very rich could even become warlords with massive amounts of robotic armies that could even be immune or at least resistant to electric bombs (E-Bombs).
Okay, so I’m being a bit negative here… Most likely, the smart robots (or aware robots) and automation will just cause a temporary human labor displacement and really make life better for all of us in the long run, but it’s still good to flush out the possibilities.
Perhaps that’s why I’m always trying to increase my wealth and diversify my assets. In such dynamic times, one really doesn’t know what the future will bring, especially in the internet, automation and robotic era. So why not build up wealth to help weather out whatever the future may bring or to be the first adult or kid on the block with an aware smart robot?
Thanks for putting up with my ramble (if you have read this far),
P.S. Would it be ironic, if the android smart phone operating system really become the brains for future physical androids? lol Bring on the automated cars though!