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The economy of India is trending in the opposite direction to this narrative. More and more people lifted out of poverty as they modernise.

darth_avocado 1y ago
The comment wasn’t on the trend or where things are going and the historical progress the country has made. The comment was on the current state of the economy. The fact that wealth concentration creates its own unique challenges. If as many people were unemployed and in poverty (or in the low income bracket) in the US or any other developed nation, the living conditions would have been drastically deteriorated. The consumer market would have shrunk to the point where most people couldn’t afford to buy chips and soda.
- munksbeer 1y ago
  The point is, I don't see that happening. The reverse is happening in the world. The percentage of people in poverty globally is decreasing each year. I still fail to see why people think we're going to innovate ourselves into global poverty, it makes no sense.
  - darth_avocado 1y ago
    Poverty is decreasing because innovation is creating more jobs. Everything hinges on the fact that people can earn a living and spend their money to generate more jobs. If AI replaces those jobs you’re going the other way.
    - const_cast 1y ago
      Right, every economic system we've thought up relies on the assumption that everyone works. Or, close to everyone. Capitalism is just as much about consumption as it is production.
      - SpicyLemonZest 1y ago
        Close to everyone doesn't work today. The labor force participation rate is only about 62%.
        const_cast 1y ago
        Labor force participation rate has increased pretty drastically since 1950. I'd imagine due to better medicine and treatments that allow people to work when they otherwise wouldn't. But, 62% is very high. Keep in mind that number takes into account not only the elderly and disable, but also children. Pretty much everyone who can work is working. We don't want children to be working, that's bad. We should all be on the same page about that.

darth_avocado 1y ago

The comment wasn’t on the trend or where things are going and the historical progress the country has made. The comment was on the current state of the economy. The fact that wealth concentration creates its own unique challenges. If as many people were unemployed and in poverty (or in the low income bracket) in the US or any other developed nation, the living conditions would have been drastically deteriorated. The consumer market would have shrunk to the point where most people couldn’t afford to buy chips and soda.

munksbeer 1y ago
The point is, I don't see that happening. The reverse is happening in the world. The percentage of people in poverty globally is decreasing each year. I still fail to see why people think we're going to innovate ourselves into global poverty, it makes no sense.
- darth_avocado 1y ago
  Poverty is decreasing because innovation is creating more jobs. Everything hinges on the fact that people can earn a living and spend their money to generate more jobs. If AI replaces those jobs you’re going the other way.
  - const_cast 1y ago
    Right, every economic system we've thought up relies on the assumption that everyone works. Or, close to everyone. Capitalism is just as much about consumption as it is production.
    - SpicyLemonZest 1y ago
      Close to everyone doesn't work today. The labor force participation rate is only about 62%.
      - const_cast 1y ago
        Labor force participation rate has increased pretty drastically since 1950. I'd imagine due to better medicine and treatments that allow people to work when they otherwise wouldn't. But, 62% is very high. Keep in mind that number takes into account not only the elderly and disable, but also children. Pretty much everyone who can work is working. We don't want children to be working, that's bad. We should all be on the same page about that.