03-10-2017, 03:58 PM
(03-10-2017, 01:27 PM)Kinser79 Wrote: I foresee that should heavy implementation of automation take place in the restaurant industry we'll see prices eventually falling to zero. The same has already happened in music and film distribution. Marx's labor theory of value rears its head yet again.
Its not Marx's labor theory of value but rather the combination of minimum wage and labor law in general has made the capital investment in automation cost less than for human labor in low skilled jobs. Its just basic Marginal Utility theory at work which you correctly identified earlier. I don't see prices in this case falling to zero because an actual physical product is being produced. It is not even clear that a price decrease will occur since my take on this is that the fast food industry is just trying to tread water. Take a look at McDonalds sales numbers and you will see what I mean.
Democracy is the theory that the common people know what they want, and deserve to get it good and hard. -- H.L. Mencken
If one rejects laissez faire on account of man's fallibility and moral weakness, one must for the same reason also reject every kind of government action. -- Ludwig von Mises
If one rejects laissez faire on account of man's fallibility and moral weakness, one must for the same reason also reject every kind of government action. -- Ludwig von Mises