On Technology

Geoff Crocker ()
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Geoff Crocker: Basic Income Forum

A chapter in Rethinking Income and Money, 2025, pp 71-93 from Springer

Abstract: Abstract This chapter explores the integration of technology into economic theory, focussing on its impact on labour, production, and income distribution. Technological advancements initially displace labour through automation but subsequently augment employment in new industries and roles, ultimately increasing productivity and consumption. Technology thus reduces labour’s share of income while generating new economic opportunities. This leads to wage inequality and income inadequacy, particularly in low-income households. Increased non-labour income, such as universal basic income, and increased targeted welfare benefits with reduced conditionality become essential.

Keywords: Automation; Labour displacement; Labour augmentation; Productivity; Mass production; Income inequality; Economies of scale; Universal basic income (UBI) (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-77782-0_4

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DOI: 10.1007/978-3-031-77782-0_4

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