4 ms·

Jobs are a byproduct of capital owners needing labor to sell things and services with a profit margin, so they can buy the good stuff. I’d argue that once the c

by exitb 2y ago

Jobs are a byproduct of capital owners needing labor to sell things and services with a profit margin, so they can buy the good stuff. I’d argue that once the capital owners possess the technology that brings the cost of labor near zero, they will have no need for an economy at all, not to mention other people - unless it’s something more akin to a zoo.

acestus5 2y ago
This reminds me of the Chinese white monkey jobs.
JumpCrisscross 2y ago
> once the capital owners possess the technology that brings the cost of labor near zero Most Americans are capital owners. You’re describing a world in which most Americans live in a utopia.
- dhosek 2y ago
  A quick google says that 53% of Americans own publicly traded stock, but that means that 47% do not. There will be some fraction of that 47% who have their own businesses, but I’m guessing that these would be people at the bottom end of the business scale. Would it really be fair to call the guys driving a truck through the alleys collecting crap metal capital owners who would live in a utopia? The same article that cites the 53% number also says that the top 10% of income earners own 70% of the stock market. That doesn’t really sound like a recipe for utopia.
  - JumpCrisscross 2y ago
    > 53% of Americans own publicly traded stock, but that means that 47% do not Does that include 401(k)s and pensions?
    - dhosek 2y ago
      Yes. 401(k)s but not pensions. The latter are defined benefit programs where participants are not responsible for making investment decisions.
    - foolofat00k 2y ago
      Very probably, yes. I'd be shocked if more than 60% of Americans even have a 401k/pension, let alone one with any meaningful sum invested.
  - jkhanlar 2y ago
    https://youtu.be/FID0BLkZXuY?t=2058s https://youtu.be/FID0BLkZXuY?t=2058s > 34:24 "Markets are efficient because of active managers setting the prices of securities, firms like Citadel, firms like Fidel.....lity (Fidelity) [...] trying to drive the value of companies towards where we think they should be valued." - Kenneth Cordelle Griffin, Citadel Securities, November 2023 I thought Amazon was a public company, not private, and since supply and demand is dead and real price discovery is gone, that unless it becomes a private company it likely will not survive, unless there are enough retail investors to DRS directly register shares in their name so that DTCC (Depository Trust and Clearing Corporation) and Cede & Co do not hold all the assets for retail in street name to then bankrupt and collect all the assets leaving retail investors holding worthless securities, but I don't see that Amazon is private? Maybe I missed something that happened and it's a private company now?
    - JumpCrisscross 2y ago
      > thought Amazon was a public company, not private Parks, libraries and military bases are publicly owned. Amazon is a private company whose shares are publicly traded. > since supply and demand is dead This is wrong. > so that DTCC (Depository Trust and Clearing Corporation) and Cede & Co do not hold all the assets for retail in street name to then bankrupt and collect all the assets This is nonsense. (For starters, not how bankruptcy works.) > Maybe I missed something Mankiw’s Principles of Economics is a well-regarded introductory text [1]. [1] https://en.m.wikipedia.org/wiki/Principles_of_Economics_(Mankiw_book) https://en.m.wikipedia.org/wiki/Principles_of_Economics_(Man...
  - int_19h 2y ago
    And for most Americans who own publicly traded stock, the income that is derived from it is supplemental, not primary. You're not really a full-on capitalist unless you can stop working and still have sufficient income derived from economic rent collected from somebody else who is working to sustain you in perpetuity.
gnz11 2y ago
> they will have no need for an economy at all Who is going to buy all of their crap then?
- rcstank 2y ago
  They won’t be selling anything by that point.
- jkhanlar 2y ago
  I noticed NVIDIA skyrocket from billions to trillions market cap, so wouldn't NVIDIA be able to help deploy some a.i. simulatedly autonomous homo borg genesis to engage in scripted automated consumer lives to replace traditional homosapiens/humans consumers and takeover what otherwise was economy and market for human people but now they are replaced by redefining human and people to be displaced by the automated scripted a.i. controlled ones? This is already happening, right? Or did I just give them idea to make this a reality? lol, wait, why am I getting raided by the FBI right now? What's going on? HALP!

by exitb 2y ago

acestus5 2y ago

This reminds me of the Chinese white monkey jobs.

JumpCrisscross 2y ago

> once the capital owners possess the technology that brings the cost of labor near zero Most Americans are capital owners. You’re describing a world in which most Americans live in a utopia.

dhosek 2y ago
A quick google says that 53% of Americans own publicly traded stock, but that means that 47% do not. There will be some fraction of that 47% who have their own businesses, but I’m guessing that these would be people at the bottom end of the business scale. Would it really be fair to call the guys driving a truck through the alleys collecting crap metal capital owners who would live in a utopia? The same article that cites the 53% number also says that the top 10% of income earners own 70% of the stock market. That doesn’t really sound like a recipe for utopia.
- JumpCrisscross 2y ago
  > 53% of Americans own publicly traded stock, but that means that 47% do not Does that include 401(k)s and pensions?
  - dhosek 2y ago
    Yes. 401(k)s but not pensions. The latter are defined benefit programs where participants are not responsible for making investment decisions.
  - foolofat00k 2y ago
    Very probably, yes. I'd be shocked if more than 60% of Americans even have a 401k/pension, let alone one with any meaningful sum invested.
- jkhanlar 2y ago
  https://youtu.be/FID0BLkZXuY?t=2058s https://youtu.be/FID0BLkZXuY?t=2058s > 34:24 "Markets are efficient because of active managers setting the prices of securities, firms like Citadel, firms like Fidel.....lity (Fidelity) [...] trying to drive the value of companies towards where we think they should be valued." - Kenneth Cordelle Griffin, Citadel Securities, November 2023 I thought Amazon was a public company, not private, and since supply and demand is dead and real price discovery is gone, that unless it becomes a private company it likely will not survive, unless there are enough retail investors to DRS directly register shares in their name so that DTCC (Depository Trust and Clearing Corporation) and Cede & Co do not hold all the assets for retail in street name to then bankrupt and collect all the assets leaving retail investors holding worthless securities, but I don't see that Amazon is private? Maybe I missed something that happened and it's a private company now?
  - JumpCrisscross 2y ago
    > thought Amazon was a public company, not private Parks, libraries and military bases are publicly owned. Amazon is a private company whose shares are publicly traded. > since supply and demand is dead This is wrong. > so that DTCC (Depository Trust and Clearing Corporation) and Cede & Co do not hold all the assets for retail in street name to then bankrupt and collect all the assets This is nonsense. (For starters, not how bankruptcy works.) > Maybe I missed something Mankiw’s Principles of Economics is a well-regarded introductory text [1]. [1] https://en.m.wikipedia.org/wiki/Principles_of_Economics_(Mankiw_book) https://en.m.wikipedia.org/wiki/Principles_of_Economics_(Man...
- int_19h 2y ago
  And for most Americans who own publicly traded stock, the income that is derived from it is supplemental, not primary. You're not really a full-on capitalist unless you can stop working and still have sufficient income derived from economic rent collected from somebody else who is working to sustain you in perpetuity.

gnz11 2y ago

> they will have no need for an economy at all Who is going to buy all of their crap then?

rcstank 2y ago
They won’t be selling anything by that point.
jkhanlar 2y ago
I noticed NVIDIA skyrocket from billions to trillions market cap, so wouldn't NVIDIA be able to help deploy some a.i. simulatedly autonomous homo borg genesis to engage in scripted automated consumer lives to replace traditional homosapiens/humans consumers and takeover what otherwise was economy and market for human people but now they are replaced by redefining human and people to be displaced by the automated scripted a.i. controlled ones? This is already happening, right? Or did I just give them idea to make this a reality? lol, wait, why am I getting raided by the FBI right now? What's going on? HALP!