Friday, November 11, 2011

Working Hours

If due to increased efficiencies in the economy people are out of work, the solution cannot be "reduced work hours" -- this would be a modernist, industrial (therefore backward) solution to the problem; reduced work hours are another standard, another potential restriction for business. Instead, government giving out 1K, 2K $ per month to everyone is better; this gives people the freedom to do whatever they want with that money, so supply / demand signals still work. The extraordinary wealth that is created due to high-tech production -- which inherently favors the few -- is shared by everyone.

I repeat: the originator of this idea is not Karl Marx, but Milton Friedman. Marx, the idealist moron that he was, went to a completely different (read: wrong) direction.

Another reason why such a distribution mechanism is important: in a 3rd Wave economy is that the outcome of projects become less and less predictable. It is not a coincidence most recent management advice in business is the so-called "Trystorming" approach which advocates failing fast, quick while trying many solutions. But "trystorming" requires trying and failing many times, and such risk taking will work best in society with a wide social net.

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