'Robots Won't Just Take Our Jobs -- They'll Make the Rich Even Richer' (theguardian.com)

 Rise of the useless class.

http://ideas.ted.com/the-rise-of-the-useless-class/

Who benefits?

https://www.bloomberg.com/billionaires/

Robotics and artificial intelligence will continue to improve -- but without political change such as a tax, the outcome will range from bad to apocalyptic, writes technology and politics journalist Ben Tarnoff, citing experts and studies, for The Guardian. From the article, shared by six anonymous readers: 

 Despite a steady stream of alarming headlines about clever computers gobbling up our jobs, the economic data suggests that automation isn't happening on a large scale. 

The bad news is that if it does, it will produce a level of inequality that will make present-day America look like an egalitarian utopia by comparison. 

The real threat posed by robots isn't that they will become evil and kill us all, which is what keeps Elon Musk up at night -- it's that they will amplify economic disparities to such an extreme that life will become, quite literally, unlivable for the vast majority.

 A robot tax may or may not be a useful policy tool for averting this scenario. 

But it's a good starting point for an important conversation. Mass automation presents a serious political problem -- one that demands a serious political solution. 

Automation isn't new. 

In the late 16th century, an English inventor developed a knitting machine known as the stocking frame. 

By hand, workers averaged 100 stitches per minute; with the stocking frame, they averaged 1,000. 

This is the basic pattern, repeated through centuries: as technology improves, it reduces the amount of labor required to produce a certain number of goods.

So far, however, this phenomenon hasn't produced extreme unemployment. 

That's because automation can create jobs as well as destroy them. 

What's different this time is the possibility that technology will become so sophisticated that there won't be anything left for humans to do. 

What if your ATM could not only give you a hundred bucks, but sell you an adjustable-rate mortgage?