The Fuel Protests in Ireland: Their Lights and Shadows

Europe is experiencing a significant escalation in the price of fuel as a result of the ongoing conflict in Iran, prompting notable discontentment and unrest among the population. This sentiment has reached a tipping point in Ireland, where numerous protests have been taking place for the past week. Farmers and hauliers have been blockading main arteries in big cities and also the only oil refinery in the country, causing severe disruptions and also a shortage of fuel in filling stations.

AI and Quasi-Marxist Fears

Here’s an existential fear regarding AI: companies in the economy will invest in AI to such an extent that the result will be massive layoffs of highly-skilled, high-wage technical employees and a severe reduction in demand for routine, repetitive jobs. In addition, new college graduates and less-educated high school graduates will find a job market that isn’t looking for entry-level employees. So, while the unemployment rate rises and then soars, output will grow exponentially as automation improves efficiency.