| In socio-economic research it is often hypothesized that technological change leads to greater economic growth, and subsequently to greater economic welfare. Many observers would argue, perhaps intuitively, that we live in an age of stagnant or diminished economic welfare. Few would, however, argue against a proposition that automation is the greatest technological change ever. We thus have a paradox between traditional business and economics pedagogy regarding automation impact and the popular belief of non-increasing economic welfare.;The focus of this research is the scholarly affirmation or rebuttal of the popular assertion of stunted economic welfare in spite of the increase in technological change.;The research methodology includes economic analysis, historical analysis, evidence by contradiction, affirmation by formal or informal logic, graphical analysis, and statistical inference. The nature of automation, technological change, utility, classical and Keynesian economics, rational expectations and supply-side economics, and the philosophies of Pigou and Pareto are all reviewed to provide an evaluative perspective for an assessment of the level of economic welfare.;Five key economic welfare indicators are identified, defended as centrally appropriate, and quantitatively assessed. The indicators are economic growth, income and distribution of income, inflation and the price level, unemployment, and hours of work.;The findings of the study indicate a higher level of expected but not realized economic welfare given the state of automation. A conclusion of this study is that increased automation has not led to the expected increase in economic welfare. Pursuant to this conclusion, remedial policies including economic growth enhancement and workweek modification should be investigated as stimulus for increased economic welfare. Another conclusion is the need for the identification of the precise causation for non-increasing economic welfare. The conclusions form content for further research. |
