Cheap Thoughts on Productivity Growth

It continues to amaze me that we have people simultaneously running around terrified that the robots will take all the jobs and at the same time that we will not have enough workers to support a growing population of retirees. (In some cases, it is the same people.) In the first case, productivity would have to go through the roof for a job shortage to be a problem. In the second case it would have to go through the floor, since even modest rates of productivity growth swamp the impact of the...