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A lot of people replying to this tweet complaining that some labor might be more valuable than other labor. Uh...okay? The point is obviously that an enormous amount of wealth is generated without labor at all. Market fundamentalists never seem want to argue that point directly.https://twitter.com/existentialcoms/status/1232754343150936064 …
The idea behind capitalism isn't that the market will allocate resources by paying some people higher salaries than others, it is that one class of people owns the labor of others. Capitalists don't become billionaires from having valuable labor, they do it by owning industries.
If you want to justify capitalism, you don't have to justify why doctors make more money than janitors or whatever, you have to justify why someone can own a for profit hospital and extract wealth from both the doctors, the janitors, and the patients.
"an enormous amount of wealth is generated without labor at all" Wait what? You mean an enormous amount of wealth is being siphoned from labour, right?
No, I think he's talking about stuff like the stock market, which generates absurd amounts of wealth simply by multiplicating wealth itself. It's the principle of stock valuation. Your company can go from being valued at 1 billion to 2 billion overnight with no labor involved.
And that's why in Max Brooks World War Z they put bankers and other social parasites to make something useful but unqualified like unclogging toilets. It's not vengeance, it's making useful work
I think there is a role for bankers in a socialist economy: helping manage flows of worker-controlled capital, helping workers make good choices in their household economies. Making reasonable wages uninflated by the parasitism that characterizes the profession today.
Damned undeserving poor, never let their investments passively generate an income for them in a day of their lives
This can be solved partially by restoring the commons. Make the basic things people need available for EVERYONE.pic.twitter.com/ktizUG3qoR
The stock is historically derived from paying people for the risk taken. So it is basically gambling in disguise.
My labor is pressing buttons to move one pot of money into another.
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