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

Demand is infinite. As we become more efficient at delivering the supply it doesn’t lighten the load or get us closer to the finish line, hence no slow down. This positive feedback loop in the supply demand model is one of the things that makes capitalism so powerful at first and ultimately unsustainable