Finland dutifully provides for displaced, blue-collar workforce.

Banker Wahlroos: Basic income only viable solution in face of massive job losses.

Björn Wahlroos, Finnish banking magnate and chairman of the board for multiple big-name companies in the Nordics, says robots are slowly replacing skilled labour in the marketplace. He predicts that many Finnish residents will soon be faced with two alternatives: low-paid work or unemployment.

One of Finland’s staunchest defenders of laissez-faire economics, business guru Björn Wahlroos, appeared on Yle’s Ykkösaamu programme Saturday morning with bad tidings. Among other things, he said that the new digitalized market economy will lead to a dearth of middle-income industrial work and an increase in low-wage jobs.

Economists are notoriously bad at making predictions. Comparative advantage arguments would affirm that these blue-collar workers are benefited by automation when the obvious fact is that they simply lose their jobs. Without a job, how can they buy the cheaper products that automation creates?

The same problem exists whether their jobs were automated in Finland or relocated to China. What can a native, blue-collar worker do if he loses his job to a cheaper method of performing it?

Given that the middle-income industrial work is no longer available, he has a few options. He can go to school to learn how to participate in the digital economy as a computer programmer, or he can start his own business. Law and medicine are also options.

But what if intelligence is largely genetic? Those avenues of work may simply be unavailable to these former breadwinners. No one should be surprised if they vote for welfare in order to survive.

The libertarian economist’s answer to this problem follows one of these two strains:

1. All of the research on intelligence is wrong. 

2. They can FOAD.

Unless automation and job-offshoring creates new work for these people that is appropriate to their inherent skill level, then ardent capitalists should not offer advice.

People have a duty to their own family over other political concerns. Laissez-faire, capitalist, libertarian economics is a vile evil for radical individualists.

The benefits of libertarianism, anarcho-capitalism and free trade are mythological. What happens to a worker’s job if it is off-shored? Does he get a new job? Does his standard of living rise? Blue-collar workers have the most experience when it comes to answering these questions in spite of the ideologues’ dogmatic protestations.

Relevant Materials

Banker Wahlroos: Basic income only viable solution in face of massive job losses.

Ethno-nationalism is the only Christian political worldview.

Research shows that intelligence exists, is genetic and predicts life outcomes.

Research shows that intelligence is genetic, but what does it measure?

JayMan’s Blog is the best single resource for understanding HBD.



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