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More resources split among fewer people only really works well if your economy is capital-bound in almost all lines of work. If there was anything where you re
by eli_gottlieb 10y ago
More resources split among fewer people only really works well if your economy is capital-bound in almost all lines of work. If there was anything where you really needed labor, you're fucked.
- hx87 10y agoEvery year labor is becoming less and less necessary for economic production and capital is becoming a better and better substitute for labor, so our economies /are/ capital-bound.
- eli_gottlieb 10y agoJudging by prices, we have gluts of both labor and capital, a systemic shortage of aggregate private and public demand, and yet consistently increasing employment and rock-bottom productivity growth. To me it seems like cheap labor is being used to substitute for capital.