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Automation and AI will destroy free market capitalism
#41
(04-27-2017, 05:19 PM)tdogg Wrote: Finster, what is the fantasy that never works out? Government power can be limited or increased based on context...That is what good politicians are for - knowing when, how, and where to limit/increase powers. If we collectively just weaken government for the sake of putting concentrated wealth in check, or even eliminate government powers completely, I do not think that limits the power that concentrated wealth can acquire - I just think it will acquire it via a different mechanism.

On a different note: Article discussing automation and manufacturing.

https://www.nytimes.com/2017/03/28/upsho....html?_r=0

The fantasy that giving the government more power will somehow limit the concentration of wealth.  I can't agree that it can be done selectively as if you could surgically excise the rot and leave the good.  It's like cancer.  Look at what's happened as the Fed has gained power.  We talked about this before.  It's deliberately engaged in a campaign to kite asset prices.  Assets are by definition owned mostly by the wealthy.  So you've had a massive transfer of wealth upstream so that the already wealthy become even wealthier at the expense of the middle class.  Caused directly by concentrated government power.  

Look at the record, tdogg.  More power than ever in Washington, and the wealth gap has been exploding.

If you put out the trough, don't be surprised when the pigs show up.

...   ...   ...

Your point about going off the automation topic is well taken.  So at this point I'll bow out.  If anyone wants to start a new thread on concentration of wealth and government I'll be glad to continue there.

Great thread, tdogg!
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#42
"If anyone wants to start a new thread on concentration of wealth and government I'll be glad to continue there."

This would be a nice thread to start...who is up for the task?
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#43
(04-20-2017, 05:04 PM)Innocynic Wrote: This is the sort of thread that keeps me coming back to Taoeconomics.  Well done, guys.  I intend to post a brilliant argument on this thread as soon as I think of one.

Please jump in!

(04-20-2017, 07:55 PM)DaveGillie Wrote: NOW for the other part of that hypothesis
the SOCIAL psychological effects of dramatic change in life
often it results in turmoil, VIOLENCE and changes in systems.
Think of changing from hunter gatherer to agriculture
THEN the industrialization brought us world wars and the evils of Communism/Socialism (CS)?
or did the fall of USSR just fine tune CS to a more workable system?
we like to cling to the past till things BREAK
people LIKE FASCISM when they're mad
will Fascism replace Capitalism? in many Countries for a while?
Till we RE Learn that Freedom works?
perhaps Governments will retain ownership over AI and large corporations automatic processes?
and share with the population?
 
what if the whole world would have gone Communistic in the 1930s instead of a variety of different systems existing so we could see what worked and what did no?
the world seems a lot more connected now than historically, perhaps the next reactionary evil system will be worldwide and we'll be doomed with it forever?

Bravo! The Mises institute has a job for you, or at least a cheerleading position.
So do you make everyone Free? How?
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#44
(04-27-2017, 05:35 PM)Finster Wrote:
(04-27-2017, 05:19 PM)tdogg Wrote: Finster, what is the fantasy that never works out? Government power can be limited or increased based on context...That is what good politicians are for - knowing when, how, and where to limit/increase powers. If we collectively just weaken government for the sake of putting concentrated wealth in check, or even eliminate government powers completely, I do not think that limits the power that concentrated wealth can acquire - I just think it will acquire it via a different mechanism.

On a different note: Article discussing automation and manufacturing.

https://www.nytimes.com/2017/03/28/upsho....html?_r=0

The fantasy that giving the government more power will somehow limit the concentration of wealth.  I can't agree that it can be done selectively as if you could surgically excise the rot and leave the good.  It's like cancer.  Look at what's happened as the Fed has gained power.  We talked about this before.  It's deliberately engaged in a campaign to kite asset prices.  Assets are by definition owned mostly by the wealthy.  So you've had a massive transfer of wealth upstream so that the already wealthy become even wealthier at the expense of the middle class.  Caused directly by concentrated government power.  

Look at the record, tdogg.  More power than ever in Washington, and the wealth gap has been exploding.

If you put out the trough, don't be surprised when the pigs show up.

...   ...   ...

Your point about going off the automation topic is well taken.  So at this point I'll bow out.  If anyone wants to start a new thread on concentration of wealth and government I'll be glad to continue there.

Great thread, tdogg!

The question remains unanswered: Is government driving wealth, or is wealth driving government. As Mr. Gillie pointed out, chicken or egg?

Also, this thread is just as much about capitalism, as it's about automation and AI. Look at the title. And, be reminded, this is an economics board.
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#45
My position is that we need a strong federal government, with the powers outlined in the constitution, in order to ensure fairness and justice and to provide a check against concentrations of wealth and power. We lost that because we let the wolf into the hen house, but it does not need to be this way.
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