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Economics has no particular respect for human self-sufficiency. If businesses can operate with employees just above starvation wages then all sorts of technolog
by dv_dt 11y ago
Economics has no particular respect for human self-sufficiency. If businesses can operate with employees just above starvation wages then all sorts of technologically feasible efficiencies are skipped while human suffering is prolonged.
From a practical standpoint, it feels like for a time that capitalism seeking local-optima was perfectly ok in that the efficiencies gained were lifting society all around - and it still seems that way in the world at large.
However, in more mature economies it seems like a different discussion needs to be made because the business actions seem to be divergent from the interests of society - optimizing on the same financial metrics seems merely a shell game of keeping a larger share of the production -- to the point that there is little to no growth in value to most of society.