In the end, our time is our only currency. The only thing you can buy with money is other people's time -- money represents crystallized time. The value of a technology can be measured in human time saved.
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This is also why automation does not endanger jobs in general -- even after having automated every existing job multiple times over, it remains that the only thing you can do with money is employ people.
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Not to be a contrarian but to understand - why would one employ people if the product in question is being created already by robots/machines? Thank you.
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You can also buy land with money. Not sure that fits this narrative.
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Hm, but could you describe the land acquisition process carried out by the initial owner of the land, in terms of the time (+effort, skill, etc) involved? And so in buying the land, you’d be paying for that time, skill, etc ??
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Up to now, tech has been an amplifier of a worker's value: the time of someone in an excavator is worth more than the time of someone with a shovel. But when everything is automated, there is no longer a market for a worker's time.
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If everything is automated why would we still need the construct of a market? Seems like a typical human vision since capitalism came about tbh, we can imagine a change in absolutely every facet of our reality imaginable but the market. Would be funny if it wasn't tragic.
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This seems to assume a 100% service economy.
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The Labor Theory of Value is no longer taken very seriously by most non-Marxian economists these days. Capital-biased technological change is a theoretical possibility, but so far there’s no evidence that it’s happening.
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Hmm? Once a service automates something, I can pay a SaaS fee to get access to it. I therefore pay not for anyone's incremental labor, but instead pay for computation/network/electricity. So how is it that "all I can do with money is employ people"?
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You’re paying a subsidized prize for the labor that went into building the software. By paying the SaaS fee, you’re effectively employing the builders and maintainers of the tool to help you get a job done
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Or robots built by other robots
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