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> Tolerate a system in which increases in productivity accrue benefits mostly to capital rather than society as a whole. Let's take the information revolution.
by goatlover 5y ago
> Tolerate a system in which increases in productivity accrue benefits mostly to capital rather than society as a whole.
Let's take the information revolution. Is that really true? Sure, we can point to examples of tech billionaires and multinational companies. But those advances in computing and communications did make it to the masses. Now over 90% of the world owns a smartphone with some access to the internet. Same with almost all technological breakthroughs since the industrial revolution and rise of capitalism.
- PaulDavisThe1st 5y ago"Increases in productivity accrue benefits" refers not the material benefits of new technology, but the increased profits that arise from reducing the amount of labor (and/or other forms of energy) required to make something. I'm not saying that it's not better to be more efficient at how we make things - it absolutely is. But the benefits of this process ought to accrue to a whole society, because ultimate that's supposed to be the point (for most of us). That might mean working less hours for the same salary, or it might mean UBI or both or something else. But what it shouldn't mean is that a larger and larger fraction of GDP goes to capital, and everybody gets a nice toy.