Mr Khan on 30 July 2014
| Blouge said: ""labor" is going to become insanely cheap and abundant due to the proliferation of robots/machines" - Mr. Khan This is sheer nonsense. See von Mises: "Our world is different. Labor is more scarce than material factors of production... there are material factors of production which remain unused because the labor required is needed for the satisfaction of more urgent needs. In our world there is no abundance, but a shortage of manpower, and there are unused material factors of production, i.e. land, mineral deposits, and even plants and equipment." |
Then explain the slack in the labor market. Weak wages and stubborn unemployment levels, but not diminishing productivity or profits.
If labor were scarce, we'd never have to worry about capitalism because the laws of supply and demand would mean *everyone* got paid well.
Monster Hunter: pissing me off since 2010.
