TITLE:
Neolaborism: A Theory of Political Economy on the Value of Human Labor as Opposed to Artificial Labor as the Ultimate Means of the Economy in the XXI Century
AUTHORS:
Luis F. Copertari
KEYWORDS:
Neolaborism, Economy, Workforce, Profit, Artificial Intelligence, Productivity
JOURNAL NAME:
Open Access Library Journal,
Vol.4 No.8,
August
11,
2017
ABSTRACT: Neolaborism is a theory that can easily be applied in political economy explaining the value of the economies as a function of the salaries and profit paid and received, respectively. Neolaborism can be defined as the idea that only through the increases in salaries and profits received tied to increases in productivity at least as large as those increases in salaries and profits the economy can grow. Such productivity increases may be due to the successful application of Artificial Intelligence (AI). It is postulated that only the workforce gives value to the economy and a practical way to increase salaries and profit without creating inflation by the use and application of the new technologies of AI is presented. It is also worth mentioning that applying AI without proper care could lead to the destruction of capitalism. Thus, it is crucial, now more than ever, to consider the perspectives of neolaborism when elaborating constructive economic policy in the XXI century.