The Korean government is the first to declare that if you replace people with machines you have to pay a tax. It's a tax on robots. They make private companies internalise the social cost of unemployment. Social benefit is not the same as private benefit. We have to realise this. (Abhijit Banerjee)

The Korean government is the first to declare that if you replace people with machines you have to pay a tax. It's a tax on robots. They make private companies internalise the social cost of unemployment. Social benefit is not the same as private benefit. We have to realise this.

Abhijit Banerjee

Related topics

benefit cost government pay people private social tax korean unemployment

Related quotes

You know how I describe the economic and social classes in this country? The upper class keeps all of the money, pay none of the taxes. The middle class pays all of the taxes, does all of the work. The poor are there... just to scare the shit out of the middle class. Keep 'em showing up at those jobs.

George Carlin

Even human relations become a matter of cost benefit calculation. Clearly this is the way the conquistadors viewed the worlds that they set out to conquer.It is the peculiar feature of modern capitalism to create social arrangements that essentially force us to think this way.

David Graeber

Government spending is being restrained, the economy is making progress and moving forward, and the pro-growth, tax cutting policies put in place have allowed businesses to grow, which has brought in additional tax revenue to help pay off the debt.

Bill Shuster

Rather than squander the surplus on tax breaks for the rich, we should add a prescription drug benefit to the Medicare program, shore up Social Security, fortify our defense, provide a quality public education and offer economic assistance to rural areas.

Bennie Thompson

To win elections, politicians have promised practically endless government spending and covered up the cost, leaving generations of taxpayers obligated to pay off the debt. That's wrong, but neither the U.S. nor Europe has a plan to stop it.

David Malpass