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> In capitalism, the answer is price discovery, and for that to work, everyone has to participate in the market. This is precisely what I'm getting at. We've b
by aahortwwy 5y ago
> In capitalism, the answer is price discovery, and for that to work, everyone has to participate in the market.
This is precisely what I'm getting at. We've built a system on the assumption of a forty-hour full-time work week, with a goal of minimizing unemployment and (recently) maximizing labor market participation. We did this because we need participation in the market for effective resource distribution.
What happens when our economy simply does not need that much labor to produce all the economic output we want? Do we force people to continue participating in the labor market in makework jobs just so that they can have access to resources? To what extent are we already doing this?