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ddzx

37,911 Posts.

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07/04/21

12:20

Post #: 52297451
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Originally posted by StockSoldier ↑

Keynes predicted that due to technology and automation we would all be working a 15 hour week by now.

https://www.marketplace.org/2020/02/27/american-workweek-keynes/

In reality, more automation just led to more "bullshit jobs" being created with most people still working 40+ hour weeks.

https://www.vox.com/2018/5/8/17308744/bullshit-jobs-book-david-graeber-occupy-wall-street-karl-marx

So why was Keynes wrong? Because he failed to recognise that full employment combined with high levels personal debt is critical to maintaining societal stability and the capitalist model as a whole. Someone with a large mortgage to pay is highly unlikely to become revolutionary.

The more automated the economy becomes, the more people are shifted from productive roles to meaningless roles. The profits go to the capitalists while the workers are just happy to have a job.

"New Slaves"

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thanks

but i don't understand how corporations will maintain & grow profits when workers don't earn much money?

who will the corporations sell their goods & services to, apart from those with increasing debt?

surely, debt cannot keep growing

Last edited by ddzx: 07/04/21
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