This begs a question. Why are we listening to Stephen Hawking?<p>Why do we think that destruction of jobs by technology is something new? Do we really think it&#x27;s happening faster now than in times past? I call this presentism. The cotton gin, the loom, the printing press, the steam engine, electricity, the internal combustion engine, the assembly line, domestication of the horse, the wheel -- each of these in it&#x27;s time put a sizable share of humanity out of a job. Compared to the steam engine, the self diving car is a mere incremental advance.<p>Perhaps the time and place of the most rapid job destruction was the 19th century in the U.S and England. During this period, the standard of living of the average worker shot up somewhere between 10-fold and 100-fold. You will not find a measure by which average people&#x27;s lives was not radically improved.<p>In free markets, the blessings of technological innovation are enjoyed disproportionally by the immediate innovators, but they cannot hold their advantages for very long, not without protection from the state. Competition levels. History and reason amply show this.<p>People see rising inequality and are told to reflexively blame capitalism. But is what we have today in the U.S. really &quot;capitalism?&quot; If capitalism is &quot;fee markets bounded by private property rights,&quot; that&#x27;s not what we have. The U.S. system is best called crony capitalism[1], or corporatism[2], and lemon socialism [3]. While some of the rising wealth of the rich today is earned, much of it is scam. Bailouts, regulatory capture[4], and the Fed&#x27;s serial asset bubbles[5] -- these are just some of the zero-sum schemes which today shift massive wealth from the middle toward the top.<p>Automation in free markets has always and will always make everyone richer.<p>[1] <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Crony_capitalism" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Crony_capitalism</a><p>[2] <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Corporatism" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Corporatism</a><p>[3] <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Lemon_socialism" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Lemon_socialism</a><p>[4] <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Regulatory_capture" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Regulatory_capture</a><p>[5] <a href="https:&#x2F;&#x2F;mises.org&#x2F;library&#x2F;how-central-banks-cause-income-inequality" rel="nofollow">https:&#x2F;&#x2F;mises.org&#x2F;library&#x2F;how-central-banks-cause-income-ine...</a>