Buffett on technology replacing jobs technology replacing jobs

"I am not rich because someone else is poor." Come on Warren, you sound narcissistic. The most fundamental idea in economics is the problem of scarcity (in the form of resources). Someone has to be made worse off for someone else to be made better off.

I got my degree in molecular biochemistry. I now work in information technology. Both contribute to society, but I can use my present skill set in many more places. The question is, can you adapt to changing times? Back in my day, it was called a "liberal arts education". Basically, it meant you were in you were encouraged to develop an interest in fields outside your own. So I also had a minor in social sciences, and have strong writing skills. A close friend did his undergraduate work in history, and physical education. He got his doctorate in science education, and no trains next generation of science teachers. Another classmate put himself through college in construction, while getting a degree in art. He built his own art gallery, and now sells his ceramics there. Very few of my friends remain in the same field as their degree, But all benefited in their career fields because of their diverse skill sets. As one door closes, another one opens. As warren Buffett and his partner Charlie Munger have said many times, they read almost everything they can get their hands on. Typically 800 to 1000 pages a day. In a wide variety of fields.

Is this women know anything about economics?

Just free people, get them out of jobs. Good advice coming from a man who doesn't have to worry about his future.

he is u turning in every sentence. Their will be an increase in social injustice unless they pay a wage for people to stay home, the big corporations cant wait till the day they can exchange people for robots. And it will affect high paid jobs just the same

I see mount gay rum. that bar is legit

Of course Buffet would think technology is always going to grow the economy. What he failed to realize is that you're expecting every Tom dick and Harry to have a highly prestigious job.
We've reached an age where we have to take care of the machines, that are replacing jobs. Can every mind born today be an engineer? I don't think so, and people wonder why America is becoming socialist, and it's only gonna get worse.

To answer her question the way to bring hard working middle class families like mine up is tax the rich heavy and the middle class less. Look it's like this if you get an extra 1,000 dollars unlike the rich you won't tuck it under your pillow more then likely you will buy things there for creating a larger demand to meet so they will have no choice but to hire more people to meet those demands. It's not supernatural it's but a mathematical fact.

at 2:20 "the market system has found places for most of them (workers)".  That's a market system moving from an agrarian economy to an industrial economy… it is not an industrial economy moving to a knowledge economy.   A knowledge economy looks like this:  Google has 53k employees (18 Billion a quarter revenue or $1.36MM per employee year) Apple has 98k employees (74 Billion a quarter revenue or $3MM per employee year)  the best industrial era companies look like GE, GE has 307k employees (29 Billion a quarter revenue or $.38MM per employee year).  Fewer, smarter, more highly trained/educated employees.  The training of those employees is contingent upon their intelligence (EE/CE/CS graduates are smarter than ).  If we estimate Google employees as have an average IQ of 145 (smarter than me on a great day), three standard deviations above normal… they are the top .3% of the population.  Because there is a linear correlation to employee pay and IQ, and (for knowledge workers) a power law curve correlation for their actual employee value to the company, we can expect a knowledge economy to pay the top fraction of a percent of people well while the rest of us can earn nothing (with nearly all jobs being automated over the next 20 years).

Damn, he's exactly right.