[–] Omegametroidhunter 1 point 1 point 2 points (+2|-1) ago
considering the fact that automation will massively change if not eliminate capitalism as we know it I beg to differ
[–] BoiseNTheHood [S] 2 points 0 points 2 points (+2|-2) ago
Socialists just keep clinging to that Luddite fallacy, though I guess anyone who actually still thinks socialism is a viable system isn't knowledgeable about economics anyway.
[–] Kurplow 0 points 1 point 1 point (+1|-0) ago
And you keep clinging to the word fallacy. This is a misuse of the word. There is great uncertainty and even disagreement among economists on this subject. So far, historically, we have been able to find new uses for labor as technology has advanced and eliminated certain jobs, but the kinds of jobs we're finding are changing. We are moving towards a service economy of unskilled or low-skilled workers (which are even easier to replace), even some jobs that economists never imagined a robot doing (like driving a car, which requires complex pattern recognition) are being done by computers more and more, and moreover the pace at which technology advances is exponential, not linear.
If you want to call the idea that technology will eventually, mostly (if not entirely) eliminate the usefulness of human labor a fallacy, you need to make an active, constructive argument for why and/or how we will continue to be able to find new uses for labor, no matter how fast technology advances.
[–] Omegametroidhunter 1 point 1 point 2 points (+2|-1) ago
[–] BoiseNTheHood [S] 3 points -3 points 0 points (+0|-3) ago
Mises was smart, sharp, and a real killer. I wish he was around today so he could be part of the Trump cabinet!