Technology and automation has led to much greater efficiencies and output for every human in the workforce over the last 50 years. How come this hasn’t led globally to less working hours or a shorter work week for the average worker?

Question

EDIT: Replace ‘every human in the workforce’ with ‘most people’. I agree efficiency has not been gained equally across all professions.

In: Economics

Answer 1

1. The more profitable and sophisticated companies become the more risk there is. As a result more regulation and scrutiny requiring more effort.
2. Always trying to the best. You can’t innovate and beat your competitors without extra effort.
3. Lots of technology can still be more expensive than ppl. The cost of acquiring or building, maintaining it, adjusting to nuances, and extra controls required may not be worth it compared to hiring someone to do it.
4. General rat race. Everyone wants to get to the top and make all the money. How you do it doesn’t matter if you get there. This results in inefficiencies and probably causes more problems for everyone else to clean up