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On Technology

In: Rethinking Income and Money

Author

Listed:
  • Geoff Crocker

    (Basic Income Forum)

Abstract

This chapter explores the integration of technology into economic theory, focussing on its impact on labour, production, and income distribution. Technological advancements initially displace labour through automation but subsequently augment employment in new industries and roles, ultimately increasing productivity and consumption. Technology thus reduces labour’s share of income while generating new economic opportunities. This leads to wage inequality and income inadequacy, particularly in low-income households. Increased non-labour income, such as universal basic income, and increased targeted welfare benefits with reduced conditionality become essential.

Suggested Citation

  • Geoff Crocker, 2025. "On Technology," Springer Books, in: Rethinking Income and Money, pages 71-93, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-77782-0_4
    DOI: 10.1007/978-3-031-77782-0_4
    as

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