Re: The joy of Economics

On 05/11/2024 03:32, rbowman wrote:

On Mon, 4 Nov 2024 21:53:00 -0000 (UTC), Lawrence D'Oliveiro wrote:
 

On Mon, 4 Nov 2024 13:29:17 +0000, The Natural Philosopher wrote:
>

Why would big money need workers when it has robots?

>
It needs consumers with sufficient income to buy its products.

 Jack London was a product of his times and sometimes made simplistic
arguments but one I remember is the question of how it works if the
workers can't afford to buy back what they produce?
 Like I said, simplistic, and I'm sure there is a library's worth of books
on the labor theory of value and so forth but the question always haunted
me.
 

Very very good point too.
What you end up with is  Russia. A very small cadre own the capital and run such economic activity as there is, export it to the West (gas oil and grain)  and they simply buy in Western luxury goods - or live elsewhere than Russia.
The Russians get drunk and live and die in squalor.
There is no need for consumer products to keep the masses happy when you own all the Kalashnikovs.
--
The lifetime of any political organisation is about three years before its been subverted by the people it tried to warn you about.
Anon.