News for hackers. Stuff that matters.

A comment on 'The worst is yet to come' for the global economy, IMF warns. Parent comment

Re:'The worst is yet to come' for the global economy, IMF warns by lumost on Wednesday October 12, 2022 @01:15AM (#33173153)
These are coupled. Historically, it's been impossible to differentiate "productive" and "un-productive" labor over prolonged periods. The artist makes people happy, those people are then more motivated to work, innovate, or both. The banker helps ensure that prices are roughly accurate throughout the economy. The grant writer at a non-profit helps avoid externalities.

Are these things out of whack right now? probably, but that doesn't mean the economy is imaginary.

[ Parent | on HN ]
Re:'The worst is yet to come' for the global economy, IMF warns by mikewarot on Wednesday October 12, 2022 @02:26AM (#33173563)
>Historically, it's been impossible to differentiate "productive" and "un-productive" labor over prolonged periods.

Not true, either you helped in the production of sufficient food to allow a surplus, and thus enabled specialization of labor, or you didn't.

It is only the addition of billions of "virtual laborers" fuel by underpriced energy in the form of stored ancient sunlight that the labor market became so distorted. The past 200 years have been the anomaly, not the norm. The pulse of underpriced energy is coming to an end.

[ Parent | on HN ]