This is for all those economically illiterate people who think raising the minimum wage is a good idea!
Via Zero Hedge:
With a seemingly endless line of talking-heads willing to ignore essentially every study that has been undertaken with regard the effects of raising the minimum-wage; and propose what is merely populist vote-getting ‘benefits’ – we thought the following burger-flipping robot was a perfect example of unintended consequences for the fast food industry’s workers.
With humans needing to take breaks, have at least 4 weekend days off per month, and demanding ever-increasing minimum-wage for a job that was never meant to provide a ‘living-wage’, Momentum Machines – a San Francisco-based robotics company has unveiled the ‘Smart Restaurants’ machine which is capable of making ~360 ‘customized’ gourmet burgers per hour without the aid of a human.
What exactly does a “Smart Restaurants” machine do? Via Momentum Machine’s Press Release:
“Fast food doesn’t have to have a negative connotation anymore. With our technology, a restaurant can offer gourmet quality burgers at fast food prices. Our alpha machine replaces all of the hamburger line cooks in a restaurant. It does everything employees can do except better.”
- It slices toppings like tomatoes and pickles only immediately before it places the slice onto your burger, giving you the freshest burger possible.
- It’s more consistent, more sanitary
- It offers custom meat grinds for every single customer. Want a patty with 1/3 pork and 2/3 bison ground to order? No problem
- One machine can produce ~360 hamburgers per hour.
Furthermore, the “labor savings allow a restaurant to spend approximately twice as much on high quality ingredients and the gourmet cooking techniques make the ingredients taste that much better.”
The issue of machines and job displacement has been around for centuries and economists generally accept that technology like ours actually causes an increase in employment. The three factors that contribute to this are 1. the company that makes the robots must hire new employees, 2. the restaurant that uses our robots can expand their frontiers of production which requires hiring more people, and 3. the general public saves money on the reduced cost of our burgers. This saved money can then be spent on the rest of the economy. We take these issues very seriously so please feel free to tell us how we can help with this transition.
The other main benefit to companies is machines do not require Obamacare! This is the outcome you can expect in industry after industry if you raise the minimum wage, or make the cost of employment too high for employers. What do you think?