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New Doctorow: The economics of plenty.
Boing-boing:

This is an oft-overlooked point in arguments about "skilled labor shortages." Market economics dictates that real labor shortages are attended by rising wages -- if workers are scarce, their value goes up -- but in skilled industries in developed countries where there is such a shortage, wages are stagnant. What business means by "there are not enough workers" is "there are not enough workers at the price we're willing to pay."

But where Tufekci's analysis falls short is in her willingness to think outside the market box. She implies that the solution to this all is some kind of market reform, but doesn't suggest that, perhaps, markets can't efficiently organize abundant things -- only scarce things. If we persist in the view that the dividends from robots' increased productivity should accrue to robot owners, we'll definitely come to a future where there aren't enough owners of robots to buy all the things that robots make.

Some economists I've spoken to tell me that they think this will lead to more redistributive policies -- like Piketty's solution in Capital in the 21st Century -- as a way of salvaging capitalism.

But as I said in my review of Piketty, there's a real scarcity of economists willing to think about the possibility that abundance makes markets obsolete altogether. Property rights may be a way of allocating resources when there aren't enough of them to go around, but when automation replaces labor altogether and there's lots of everything, do we still need it?

I don't know, but I think the unwillingness of economists and thinkers to even contemplate it tells us that we're arguing about what kind of railroad rules we should have once there are automobiles everywhere.


Indeed - it's a question that deserves careful thought.

(via Brad DeLong's blog)

Cheers,
Scott.
New Glad this is getting discussed
I've been saying it for years. Star Trek (and other sci fi for decades) provides the model for this.
--

Drew
New How so?
The only treatment of a post-scarcity society that even begins to make some kind of internal sense is Banks's Culture universe.

Star Trek is communism, anyway.
New I'm thinking more in terms of media friendliness
If you try to talk to the general public about hard sci fi you'll lose 90% of them. But talk about how Star Trek shows a world where production/manufacturing is essentially free and w have to find some other way to organize the economy and you can probably at last get the conversation going.
--

Drew
New Oh sure, I get that
But Star Trek doesn't make sense at all.

Here's the wonderful post-scarcity Federation! No-one has or needs money!

Except the Ferengi and everyone else, of course.

The interface between those who have unlimited resources (after all, that's what "post-scarcity" means) and those who don't is just handwaved away.

In reality, such an interaction would result in total war.
New You didn't think the Prime Directive was about philosophy, did you?
--

Drew
New You're right about Star Trek. That's why it's BETTER.
New Doctorow still needs a subbie.
His writing's as awful as ever.

Thankfully, Betteridge's Law of Headlines means that we don't have to bother reading the article.

     Doctorow: The economics of plenty. - (Another Scott) - (7)
         Glad this is getting discussed - (drook) - (5)
             How so? - (pwhysall) - (4)
                 I'm thinking more in terms of media friendliness - (drook) - (2)
                     Oh sure, I get that - (pwhysall) - (1)
                         You didn't think the Prime Directive was about philosophy, did you? -NT - (drook)
                 You're right about Star Trek. That's why it's BETTER. -NT - (mmoffitt)
         Doctorow still needs a subbie. - (pwhysall)

Most people are well aware that Steven Seagal is a master of martial arts and that his favorite place to find outfits is your grandmother’s tablecloth drawer.
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