Venkatesh Rao@vgrSomebody redo this graphic with loop "wages go up, corps invest more in tech, fewer jobs left, unemployment goes up"Quote TweetDavid Rolf@DavidMRolf·May 27, 2016There's a reason 63% of Americans support raising the #minimumwage to $15/hour. #fightfor15book #fightfor151:26 AM · May 28, 20164 Retweets7 Likes
Venkatesh Rao@vgr·May 28, 2016Replying to @karangoelinflation is less of a problem under modern monetary policy. And also under current macro conditions: money supply has 4x-ed
Venkatesh Rao@vgr·May 28, 2016sorry, no. History has been the opposite. New wants and needs, not maintenance, is what creates replacement jobs.1
Venkatesh Rao@vgr·May 28, 2016how many people do you know designing and maintaining farm machinery as opposed to say video games? :D
Venkatesh Rao@vgr·May 28, 2016and how does that compare to the 80% of the entire population that lost farm sector jobs over the last century odd...
Venkatesh Rao@vgr·May 28, 2016that's my point. New industries create way more jobs than maintenance needs of old after automation.
Venkatesh Rao@vgr·May 28, 2016if every industry created more jobs than it destroyed through automation, we'd never free up human capital for new ideas24
Venkatesh Rao@vgr·May 28, 2016Ag is now <3%, and even if you go 1-2 deg out in direct supply chain, probably <5-6%. Was once 80%+. Rest now post-farmer
Venkatesh Rao@vgr·May 28, 2016Replying to @karangoelno brief answer... Follow sovereign debt and QE bunny trails1
Venkatesh Rao@vgr·May 28, 2016both go up in absolute terms overlong term though, even though inequality cycles
𒃲𒌋𒅗𒆪𒁉@ultimape·May 29, 2016Replying to @vgrDo you know if those icons are creative commons? I actually want to model this properly.1