Some academics contend that workers are right to be wary of technological change.

''Power and Progress'', a newish book by Daron Acemoglu and Simon Johnson, both of the Massachusetts Institute of Technology, wades through a thousand years of history to argue that new technologies lead to better livelihoods only when they create jobs, rather than just cost savings. 

Mr. Johnson expresses optimism that the Big Three can find a way to ensure the switch EVs does not lead to job losses.

He points to the eventual embrace by unions of the containerisation of shipping, which saved countless hours of Labour at ports but also led to a surge in the amount of cargo that passed through them, preserving jobs and benefits for dockers.

In theory, as EV production scales up, prices will come down and more drivers will buy them. Fuelling demand for even more workers. 

The World Students Society thanks Schumpeter - The Economist.


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