4 ms·
> monopsony market for labor Yes, when the inelastic aggregate supply of labor (expressed as an explicit work quota or expressed as an implicit work quota equa
by schmidtleonard 2y ago
> monopsony market for labor
Yes, when the inelastic aggregate supply of labor (expressed as an explicit work quota or expressed as an implicit work quota equal to cost of living divided by wages) exceeds the demand for labor, capitalism turns what should be a happy situation (let's all work a bit less!) into a horror show where working hard for scraps is a privilege and rotting in unemployment is the norm.
- parineum 2y agoWhich system works better?
- schmidtleonard 2y agoWe've been here before, shortly after the industrial revolution. Some countries tried communism, some countries tried fascism, and the US tried Roosevelts. The results speak for themselves. Large, meaningful compromises to labor can thread the needle well enough to avoid bloodshed. We need us another Roosevelt.
- GreenWatermelon 2y agoWhatever system they use in Scandinavian countries.
- pas 2y agowe are working less. is it due to capitalism? is it just the technological progress fairy? (maybe the fairy is more attracted to the smell of capitalist pigs?) it's not capitalism's fault that people are extremely bad at coordination problems (it's Mr. Moloch's fault obviously, who poisons people's minds with shortsightedness!) it's not capitalism's fault that people choose to block densification of cities, higher taxes, welfare reforms, or that people vote based on their xenophobia.