by
Ryan Avent
1
Introduction
1
terms
5
notes
Say's Law
(en)
an economic law stating that supply creates its own demand (named after eighteenth-century French economist Jean-Baptiste Say)
6
Economists [...] point to 'Say's Law', [...] which is often summarized in the phrase 'supply creates its own demand'
notable
7 years ago
Economists [...] point to 'Say's Law', [...] which is often summarized in the phrase 'supply creates its own demand'
notable
7 years ago
8
[...] An abundance of labour is arguably the point, to the extent that there is one, of technological progress. It is the beginning of the end of the need to work hard to stay alive. A system in which people actively seek out labour they would strongly prefer not to do [...] is not one society ought to aim to preserve any longer than technologically necessary. If society can find ways to automate such unpleasant tasks, or to share the work more broadly so that individual workers devote fewer of their waking hours to hard, unpleasant labour, that surely represents human progress.
The fact that he feels the need to qualify this line of reasoning with the use of "arguably" paints a pretty depressing picture of contemporary economic discourse
[...] An abundance of labour is arguably the point, to the extent that there is one, of technological progress. It is the beginning of the end of the need to work hard to stay alive. A system in which people actively seek out labour they would strongly prefer not to do [...] is not one society ought to aim to preserve any longer than technologically necessary. If society can find ways to automate such unpleasant tasks, or to share the work more broadly so that individual workers devote fewer of their waking hours to hard, unpleasant labour, that surely represents human progress.
The fact that he feels the need to qualify this line of reasoning with the use of "arguably" paints a pretty depressing picture of contemporary economic discourse
10
[...] If redistribution is managed too clumsily, the incentive for clever or ambitious individuals to work to improve the economy might be lost, leading to stagnant growth and too little social surplus with which to provide all members of society with a rising standard of living.
this is worth thinking about more because this justification--the question of incentive--seems to underpin his entire economic worldview (and he's not alone). the problem is that he never really explores the full ramifications of an abundance of labour & how that could affect the idea of incentive. like what is the incentive supposed to be, really? the possibility of buying more luxury goods or getting people to do things for you? why do we take it as natural that the economic motive is the only acceptable incentive without considering what that actually means?
[...] If redistribution is managed too clumsily, the incentive for clever or ambitious individuals to work to improve the economy might be lost, leading to stagnant growth and too little social surplus with which to provide all members of society with a rising standard of living.
this is worth thinking about more because this justification--the question of incentive--seems to underpin his entire economic worldview (and he's not alone). the problem is that he never really explores the full ramifications of an abundance of labour & how that could affect the idea of incentive. like what is the incentive supposed to be, really? the possibility of buying more luxury goods or getting people to do things for you? why do we take it as natural that the economic motive is the only acceptable incentive without considering what that actually means?
13
[...] Syriza [...] won control of parliament in early 2015 and attempted to win a reprieve from the austerity policies imposed on Greece by its European creditors (who were, in their defence, helping to finance Greece's unaffordable debts).
you can tell whose side he's on ... the use of "unaffordable" making it seem like Greece somehow deserved austerity. he also neglects to mention the role of the bank bailouts following the financial crisis
[...] Syriza [...] won control of parliament in early 2015 and attempted to win a reprieve from the austerity policies imposed on Greece by its European creditors (who were, in their defence, helping to finance Greece's unaffordable debts).
you can tell whose side he's on ... the use of "unaffordable" making it seem like Greece somehow deserved austerity. he also neglects to mention the role of the bank bailouts following the financial crisis
16
The various partisans are like the allegorical blind men describing different parts of an elephant: each has his insights, but the competing stories have yet to be reconciled with each other. This book will provide that explanation. What is missing from the conversation is a clear explanation of how rapid technological change is compatible with both rising employment globally and disappointing growth in wages and productivity. [...]
he cites:
- Race Against the Machine
- Rise of the Robots
- Capital in the Twenty-First Century
- Twilight of the Elites
- Marc Andreessen
- Tyler Cowen
what's ironic is that he falls into the same trap (missing the whole leftist angle)
The various partisans are like the allegorical blind men describing different parts of an elephant: each has his insights, but the competing stories have yet to be reconciled with each other. This book will provide that explanation. What is missing from the conversation is a clear explanation of how rapid technological change is compatible with both rising employment globally and disappointing growth in wages and productivity. [...]
he cites:
- Race Against the Machine
- Rise of the Robots
- Capital in the Twenty-First Century
- Twilight of the Elites
- Marc Andreessen
- Tyler Cowen
what's ironic is that he falls into the same trap (missing the whole leftist angle)
25
[...] As children, the incentives and the sense of purpose to our work were inextricably linked to the context within which we were working; the chores were not simply an economic transaction but a way for my parents to order our day, to impress upon us particular values, and to satisfy themselves that they were raising us well.
Work, done by adults in the global marketplace, is not all that different. [...]
absolutely incredible take from someone who clearly has a nice & meaningful white-collar job
just really fucking tone-deaf
[...] As children, the incentives and the sense of purpose to our work were inextricably linked to the context within which we were working; the chores were not simply an economic transaction but a way for my parents to order our day, to impress upon us particular values, and to satisfy themselves that they were raising us well.
Work, done by adults in the global marketplace, is not all that different. [...]
absolutely incredible take from someone who clearly has a nice & meaningful white-collar job
just really fucking tone-deaf