You’ve got a couple options when it comes to turning a profit:
- Underpay workers
- Overvalue the product
Modern capitalism does both (alongside a subset of the middle class that gets dramatically overpaid, such as programmers, and gratuitous expenditures such as salary bonuses). Whichever way you slice it, though, you get inflation and increasing inequality.
Yep! Once “everyone can code,” owners can finally do what they’ve always wanted to do: underpay programmers. https://switter.at/web/statuses/101868999452217767
@dredmorbius hmm, seems a bit different than what I’m talking about, though it does use a similar metaphor
@dredmorbius I didn’t know about this though so thanks for the link!
@amydentata It's an older, pre-Smithian school. I tend to follow ecological / biophysical / thermoeconomics (Georgescu-Roegen, Daly, Charles A.H. Hall), and Steve Keen, related, though somewhat his own thing.
Been reading some Marx finally, and there's at least some there there.
Social justice / equality is another element. Smith is far stronger on this than most people think, also J.S. Mill, Henry George, Amyarta Sen, Emma Rothschild (yes, one of them), and many other.
What's your view?
Generalistic and moderated instance.