The Last Auto Mechanic
Tom Price

Could people stop saying stupid stuff?

I mean, seriously, just stop.

Technological improvements have never caused a net loss in employment. Never have, never will, cannot.

Yes, presumably, adoption of self-driving, electric vehicles over human-driven ICE one will cause a huge shift in the employment picture, but it will not be a net negative for employment, no technological change ever is.

Let’s say this particular technological change rendered 10 million current jobs obsolete, saving consumers, oh, a trillion dollars a year. Every savings by one person is a loss in revenue to another, so those trillion dollars stop flowing from consumers to truck drivers and auto mechanics and gas-station attendants.

But that trillion has to go somewhere. After all what’s the point of saving money if you cannot spend it on something? Let’s say, consumers decide to buy a trillion dollars’ worth of, oh, I don’t know, bubble gum. Then there will suddenly be a trillion dollars of new jobs available in the bubble gum business: making it, packing it, retailing it.

In real life, of course, consumers are not going to spend their whole windfall on one product, certainly not bubble gum. They’ll spend it many things, almost everything. All that money will be spread around the whole economy, generate — hey, what a coincidence! — a trillion dollars of new jobs.