So I just finished creating this diagram showing what Quantitative Easing and Monetary Easing is and more generally how new money is created and put into circulation, thus increasing the money supply.
@icedquinn Well no, as you can see from the diagram the bankers need to sell the fed assets (usually government bonds) which they buy from the general public at free market prices in order to get freshly printed money. They dont get it for free.
@icedquinn Ha well it is a bit of an elaborate play of balance sheets... but its not like anyone is getting free money out of the deal, and its all free market for the most part so everyone is on equal footing
I was actually explaining earlier how the inevitable and devastating consequence of barter is it prevents people from specializing in a skill or trade. Everyone is pressured to generalize their skills and only take up skills and trades that are needed by the vast majority of a society. This is the reverse of a money society where a highly specialized expert typically can make more money than someone who is generalized.
Its one of my three laws of money I posted earlier :)
I dont think the common notion of "we are rendering all human labour worthless" is at all accurate personally.
Automation in one sense or another, much of which eliminated entier classes of jobs through history, has been around since the earliest humans started building things.
Decade after decade for thousands of years new ways of automating human tasks were invented and those jobs disappeared. But there were always more and new jobs to take its place. This is no different.
IMO youa re conflating issues. There are absolutely concerns that labour needs to face, some of that is inequality when it comes to opportunity to make money. there are also concerns with automation in the sense that the new and better jobs they get involves training and if people are poor they cant afford that, so there are issues around ensuring these people have access to training at all.
But my point is the idea that automation is eliminating jobs and making human labour obsolete is a fictitious one. Its created jobs that replace older jobs, its just that too has problems.
Yes it is a topic of open research, there is no consensus that it is destroying jobs and not simply changing or replacing them. Some people hold that opinion who have studied and researched the matter, others do not.
It is not by any measure a settled fact. Though some people (like yourself) do hold strong convictions that it is undeniably true.
This is just the tip of the iceberg, the list of jobs are in fact so long I could probably go on listing people for some time.
No, programmers exist.. programmers hired to work on autonomous ups delivery drones do not, nor has anyone specialized in that since they didnt exist before now.
All of those jobs are new people that need to be hired to support the **extra** resources needd to build and maintain those drones. While some of **types** of jobs arent new.. it does generate need for new **employees** to do those jobs since there are none to support UPS drones prior to UPS drones being invented... You cant take programs from other active projects, so you need to hire new people for the new initiative and that ripples all the way through the worker base creating additional jobs at every level.
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