Paul Krugman provides an implicit critique of capital, talking about the Rise of the Robots
Robots mean that labor costs don’t matter much, so you might as well locate in advanced countries with large markets and good infrastructure (which may soon not include us, but that’s another issue). On the other hand, it’s not good news for workers!
This is an old concern in economics; it’s “capital-biased technological change”, which tends to shift the distribution of income away from workers to the owners of capital.
If this is the wave of the future, it makes nonsense of just about all the conventional wisdom on reducing inequality. Better education won’t do much to reduce inequality if the big rewards simply go to those with the most assets. Creating an “opportunity society”, or whatever it is the likes of Paul Ryan etc. are selling this week, won’t do much if the most important asset you can have in life is, well, lots of assets inherited from your parents. And so on.
I think our eyes have been averted from the capital/labor dimension of inequality, for several reasons. It didn’t seem crucial back in the 1990s, and not enough people (me included!) have looked up to notice that things have changed. It has echoes of old-fashioned Marxism — which shouldn’t be a reason to ignore facts, but too often is. And it has really uncomfortable implications.
But I think we’d better start paying attention to those implications.
T. Thorn Coyle reads this and asks “Whatever happened to Brautigan's ‘machines of loving grace’?” She's referencing beat poet Richard Brautigan's vision of a post-Singularity green utopia.
I like to think (and
the sooner the better!)
of a cybernetic meadow
where mammals and computers
live together in mutually
like pure water
touching clear sky.
I like to think
(right now, please!)
of a cybernetic forest
filled with pines and electronics
where deer stroll peacefully
as if they were flowers
with spinning blossoms.
I like to think
(it has to be!)
of a cybernetic ecology
where we are free of our labors
and joined back to nature,
returned to our mammal
brothers and sisters,
and all watched over
by machines of loving grace.
That is to say, what is wrong with us that the ability to make enough of the things we need and want with very little human effort is an economic problem? We need to find a way to make our technology into the blessing it should be.
To that point, a friend reminds me of this from Buckminster Fuller:
We must do away with the absolutely specious notion that everybody has to earn a living. It is a fact today that one in ten thousand of us can make a technological breakthrough capable of supporting all the rest. The youth of today are absolutely right in recognizing this nonsense of earning a living. We keep inventing jobs because of this false idea that everybody has to be employed at some kind of drudgery because, according to Malthusian-Darwinian theory, he must justify his right to exist. So we have inspectors of inspectors and people making instruments for inspectors to inspect inspectors. The true business of people should be to go back to school and think about whatever it was they were thinking about before somebody came along and told them they had to earn a living.