Earlier quoted context omitted.
You see this argument over and over again but it’s the exception that proves the rule. Most of the time when it’s made it’s just papering over yer another situation where a surplus is being squeezed out of a transaction by a parasitic manager class using principal-agent problem dynamics. The people who invented this stuff are always trying to tell you they’ve invented the cotton gin or something when in fact they’ve…
What was described wasn't the principal-agent problem. If I'm an employee and my job becomes simpler or more productive through an automation investment by someone else, I don't think I deserve part of the increased profit unless I'm part of a profit-sharing agreement that would also see me absorb losses.
And how many workers even have the possibility of an arrangement like this, i.e. a worker-owned cooperative?
Yes, that is exactly the point. When a labour-saving technological development comes along, it's payday to the capital-having class and dreary times for the labour-doing class.