But in the short term, they cause unemployment and anxiety for those who lose their jobs to automation and are left unemployed.
To demonstrate his point, Buffett points to 1776, when the United States declared its independence, and the evolution of farming technology.
"Replicating those early days would require that 80% or so of today's workers be employed on farms simply to provide the food and cotton we need.
Give the credit to those who brought us tractors, planters, cotton gins, combines, fertilizer, irrigation and a host of other productivity improvements," writes Buffett.
They freed nearly 80% of the nation's workforce to redeploy their efforts into new industries that have changed our way of life.".
"In 1776, America set off to unleash human potential by combining market economics, the rule of law and equality of opportunity.
This foundation was an act of genius that in only 241 years converted our original villages and prairies into $96 trillion of wealth," he says. »
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