Ignoramus5113 wrote:

On 2012-11-06, Karl Townsend wrote:
...
This fundamental issue is also combining with automation to further
erode the ability of a country's economy to gainfully employ the
majority of it's population. When the production of all the products and
services required by 100% of the population only requires 20% of the
population's labor you have another serious problem that has no easy
solution.

The easy solution is called a service economy. Nobody said that
"production" is the only real economic activity.


'Service Economy' is a myth. It doesn't create anything by itself,
it just bounces the same few dollars around.