4 comments on “Farewell to Alms

  1. “horses were a clear example of laborers who suffered massive unemployment a century ago when the value of their labor dropped below the cost of their food.”

    This is true, but it’s not clear that it’s a useful analogy for people. Horses can’t be retrained beyond a narrow range of occupations, and they don’t raise a stink if their owners decide to sell them to the glue factory rather than continue to feed them.

  2. Yes, it’s unclear. That’s the point. Appeals to comparative advantage are just a starting point. It is hard to predict how adaptable people can become, and how much political power they will have in an age of AI.

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