3 thoughts on “The Economics of Capitalism – Gone Wrong

  1. This guy has some good points, but an issue that’s overlooked by almost every economist is the role of automation. Secretaries have been replaced by word processors. Mailrooms have been replaced by email. Bank tellers and store clerks will be next to go. Unless your job requires innovative decision-making, you will be replaced by a computer.
    His comments about the manufacturing industry are misleading. Profit is down,jobs are down but the total amount of goods manufactured in the US has never been higher. That’s because of automation; low margins, high volume, few jobs.
    I think the real problem is that we’re transitioning to a post-scarcity economy. I don’t think we’re going to be a Star Trek society with replicators making everything, but we’re soon going to reach the point where all the goods and services that are necessary for society to run will be provided only a small percentage of the people working. The agricultural sector has already reached that point, manufacturing and service will be next. What are we going to do when 90% of the population is economically unnecessary? The capitalism answer is to tell them to fuck off and starve.

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