Discussion in 'Economy' started by Kevin_Kennedy, Sep 21, 2010.
Help, Help, I’m Being Exploited!! by Glenn Jacobs
Even the Federal Reserve's own web site still lists him among the great economic contributors of all time:
And his econ theories still prove themselves relevant today, as in his prediction that mechanization would dilute the value of labor and even goods to the point of driving boom and bust cycles.
Does that sound familiar?
Except that he was wrong. Mechanization doesn't "dilute" the value of labor, it frees labor up to do other things. As for driving the boom and bust cycle, well you linked to the institution responsible for the boom and bust cycle: The Federal Reserve.
history proved him right.
Like enjoying unemployment and poverty.
If we suddenly developed a drug that, taken once, cured us forever of all illnesses this would be horrible for the economy, because all doctors would now be out of work. That is, if we follow Marx's idea to its logical conclusion. In reality, this would be wonderful.
wrong. Marx didn't lament the power of mechanization. He simply and accurately predicted a century in advance of our time that it would lead to the disempowerment of labor, the declining value of goods produced, declining profits of capitalists and inevitable boom and bust cycles.
He was a prophet. And nearly everybody in the know recognizes it, despite their harsh disdain for his political ideas.
No...Like designing, building and maintaining more machines, you bitter, dour little twit.
What is the "disempowerment" of labor?
Value is subjective, which is another area where Marx was wrong with his labor-theory of value, so how is the value of goods declining?
Declining profits? Where?
Again, the boom and bust cycle is brought about by the manipulation of credit by governments and central banks.
Labor has no more bargaining power. It is fungible, can be replaced for cheap overseas.
cell phones and personal computers, even autos cost a fraction of what they did in decades past in inflation adjusted dollars. Duh.
manufacturing is practically devoid of profits anymore. All the profits are in distribution and sales.
that's a theory.
which employs a small number and unemploys billions more you dour, bitter little asshat.
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