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The creation of Google, for example, has added immeasurably to the wealth of the world. Ditto spreadsheets, operating systems. Thanks to Amazon, I waste a tiny

by ericd 6y ago

The creation of Google, for example, has added immeasurably to the wealth of the world. Ditto spreadsheets, operating systems. Thanks to Amazon, I waste a tiny fraction of the time my parents historically did shopping, since I don’t have to run to the store basically ever. I’m taking a free university course from one of the top people in the field in between bottle feedings, thanks to YouTube. The economy is not a fixed pie, at all.

lotsofpulp 6y ago
> The creation of Google, for example, has added immeasurably to the wealth of the world. Google and other software advancements have offered amazing utility to everyone, freeing up people to do other tasks by reducing many hours spent on previously tedious tasks. However, unless there is opportunity for the people who used to perform the obviated tasks to produce something others will value, then all of the wealth that was added will only show up in the profits of Google and other capital owners who benefit from decreased labor costs. It is possible that previous technological advances obviated people slowly enough that it does not result in their labor’s value being reduced so abruptly. But what happens if it occurs in the course of 5 to 10 years? Certainly, the previously valuable travel agents, secretaries, cashiers, retail employees, etc experience a drop in demand for their labor, so unless they are able to offer the market something else, their value has dropped precipitously.
- WalterBright 6y ago
  > However, unless there is opportunity for the people who used to perform the obviated tasks to produce something others will value, then all of the wealth that was added will only show up in the profits of Google and other capital owners who benefit from decreased labor costs. An effective search allows all kinds of businesses to exist that couldn't have before. It's similar to while cars replaced horses and the horse industry, it created far more industry that couldn't have existed before.
  - lotsofpulp 6y ago
    It depends if the displaced people can benefit from the ability to create or participate in the newly created business opportunities. For example, I can now search for real estate listings without talking to any agent or broker. Used to be someone needed to be paid to keep their ear to the ground and alert you if possible deals. Now, a lot of that is automated, and even if an agent or broker is required, 1 can probably do the work of 5 or 10. What are those displaced agents and brokers going to do? Learn how to program and make a website showing 3D tours of the house? Even that only needs 1 or 2 solitons. Point being that while long term change can be positive, the short term turbulence can be negative for many. I posit it’s the reason for so much of the political turmoil these days, but that’s a different discussion.
    - nickpp 6y ago
      About a hundred of years ago, when starting to mechanize the agriculture: what are all those displaced farm workers going to do? Have a little faith in humanity. We learn and adapt. We’ll manage. Your worries are misplaced.

by ericd 6y ago

lotsofpulp 6y ago

> The creation of Google, for example, has added immeasurably to the wealth of the world. Google and other software advancements have offered amazing utility to everyone, freeing up people to do other tasks by reducing many hours spent on previously tedious tasks. However, unless there is opportunity for the people who used to perform the obviated tasks to produce something others will value, then all of the wealth that was added will only show up in the profits of Google and other capital owners who benefit from decreased labor costs. It is possible that previous technological advances obviated people slowly enough that it does not result in their labor’s value being reduced so abruptly. But what happens if it occurs in the course of 5 to 10 years? Certainly, the previously valuable travel agents, secretaries, cashiers, retail employees, etc experience a drop in demand for their labor, so unless they are able to offer the market something else, their value has dropped precipitously.

WalterBright 6y ago
> However, unless there is opportunity for the people who used to perform the obviated tasks to produce something others will value, then all of the wealth that was added will only show up in the profits of Google and other capital owners who benefit from decreased labor costs. An effective search allows all kinds of businesses to exist that couldn't have before. It's similar to while cars replaced horses and the horse industry, it created far more industry that couldn't have existed before.
- lotsofpulp 6y ago
  It depends if the displaced people can benefit from the ability to create or participate in the newly created business opportunities. For example, I can now search for real estate listings without talking to any agent or broker. Used to be someone needed to be paid to keep their ear to the ground and alert you if possible deals. Now, a lot of that is automated, and even if an agent or broker is required, 1 can probably do the work of 5 or 10. What are those displaced agents and brokers going to do? Learn how to program and make a website showing 3D tours of the house? Even that only needs 1 or 2 solitons. Point being that while long term change can be positive, the short term turbulence can be negative for many. I posit it’s the reason for so much of the political turmoil these days, but that’s a different discussion.
  - nickpp 6y ago
    About a hundred of years ago, when starting to mechanize the agriculture: what are all those displaced farm workers going to do? Have a little faith in humanity. We learn and adapt. We’ll manage. Your worries are misplaced.