Re:The New Luddites: What if technological innovation is a j...
by dragonwriter on Friday August 08, 2014 @11:23AM
(#8153229)
> Are you against the accumulation of capital or do you feel it should have an upper limit?
Neither.
> IMO money is a way to measure value provided to society
Obviously, its a way to measure that. I specifically identified how its a problematic way to measure that -- providing equal utility to someone with greater wealth provides greater reward, which means that those who have accumulated wealth -- often aided by inheritance and circumstance of birth -- are most able to redirect society to serve their utility, including reshaping it to direct future wealth to themselves and their descendants. Left unchecked, this tends to make money, overtime, a worse and worse representation of social value provided by the person holding it, and the market value of exchanges a worse and worse measure of the social value of the exchange.
That's not to say that wealth accumulation should not be permitted nor that it should have a fixed upper limit, because those have their own problems.
But it does need to be recognized as a distortion and balanced. and that's increasingly more true the more the rewards of the economy, before considering regulatory interventions, go to capital rather than labor.
Neither.
> IMO money is a way to measure value provided to society
Obviously, its a way to measure that. I specifically identified how its a problematic way to measure that -- providing equal utility to someone with greater wealth provides greater reward, which means that those who have accumulated wealth -- often aided by inheritance and circumstance of birth -- are most able to redirect society to serve their utility, including reshaping it to direct future wealth to themselves and their descendants. Left unchecked, this tends to make money, overtime, a worse and worse representation of social value provided by the person holding it, and the market value of exchanges a worse and worse measure of the social value of the exchange.
That's not to say that wealth accumulation should not be permitted nor that it should have a fixed upper limit, because those have their own problems.
But it does need to be recognized as a distortion and balanced. and that's increasingly more true the more the rewards of the economy, before considering regulatory interventions, go to capital rather than labor.