4 ms·
This was a great article. I enjoyed how he connected many problems facing the world at the current moment, and posited increasing automation as the main reason
by ctchocula 10y ago
This was a great article. I enjoyed how he connected many problems facing the world at the current moment, and posited increasing automation as the main reason for wage stagnation since the 1970s. With automation, companies do not need to hire as many workers to achieve the same profits, which is captured by capital rather than labour. Another impressive part of this article is that unlike most papers that only report the problem, he actually proposes some reasonable sounding solutions:
Juno - a ride-sharing service similar to Uber, but that differs from Uber in that it sets aside 50% of the share of capital to be earned by drivers as they give more rides (unlike the more lopsided distribution of Uber that heavily favours capital).
I will definitely give Juno a try if I'm ever in NYC, the only city it's currently offered. Thank you for sharing.
- mtdewcmu 10y agoWealth inequality is really an instance of homophily. Money attracts money. The rich get richer. Wealth inequality harms the economy, because as people get poorer they can no longer participate in economic activity. Businesses need consumers with money to spend. When enough people become sufficiently poor, uneducated, and angry, then you get Trump.