What is the Future of Work in the Generative AI Era? A Marxist and Ricardian Analysis by Larry Liu

“…There are three important differences in their theoretical framework: (1) Marx did not believe that high technological unemployment is possible within capitalism even with very advanced technologies such as AI, while Ricardo saw technological unemployment as a serious threat while he acknowledges countervailing employment-creating tendencies; (2) While Ricardo’s explanation for the falling rate of profit is limited to rising wages, Marx traces the profit decline to the rising organic composition of capital and automation itself; (3) For Marx, a desirable future of work is not found within a capitalist framework but in communism, while Ricardo sees no alternatives to capitalism. …”
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