1/Broadly speaking automation brings non-market activity into the market.
Every year in the US there's over $3 trillion of
non-market driving activity.
What does "non-market" activity mean?
Every year in the US there's over $3 trillion of
non-market driving activity.
What does "non-market" activity mean?
2/The washing machine took unpaid time spent cleaning clothes and monetized it through washing machine manufacturers and service providers.
3/As food services automate, they will transform the non-market activity of food prep, cleanup, and time spent grocery shopping into the market activity associated with food delivery.
4/People are willing to pay for the new automated product or service because it is actually cheaper than the alternative.
5/The low cost of autonomous vehicles should bring almost all driving activity into the market.