relatively little fiscal policy, relying almost total on monetary policy to fix bottom up problems, while china basically has state-capitalism. Which is fine, I wouldn't tell them what to do, but doesn't mean we had to let them in the global order we subsidize without paying a heavy cost for that model

we let banks explicitly eat away at workers share of GDP. you can have both, outsourcing to asia the lower end production while continuing to upgrade your own here. "lump of labor" fallacy

Manufacturing is going because of automation. Period.

not period at all, they aren't really in competition with each other. automation improves productivity which is always a good thing

see the mosler clip i posted in <#513098448640278539> for exactly that reason

Manufacturing jobs

that's the lump of labor fallacy again. the problem here was the unspent income you get when you get a productivity gain

we let the banks financialize the economy, then sit on the money, that's what causes the unemployment

I clipped this vid for exactly this discussion:
https://youtu.be/hkvWeVD9fI4

Remember the company Trump got to stay in us during his campaign? I don't remember the name. He did it by giving them bunch of tax breaks incentive money. The co fid stay in America and the CEO was asked what he was going to do with the extra money. He said automation. Ironic.

i think that was hte air conditioning people, cant remember their name

automation is great, we want that, that's not the problem

the problem is the banks

the housing boom was a direct result of them chasing the higher yields of speculation(margin balances too) instead of investing in productivity, then we bailed them out for the privilege

Cant watch video now...need to be quiet.
Automation eliminates jobs. Im not saying its bad. But there are consequences.

automation increases productivity. we get new jobs next turn, if the investments are made to reconfigure

Manufacturing jobs are lost

you lose the manufacturing jobs that the current breed of robots take over

you get new jobs making robots

The jobs created are service or white color

nah you need people like mechatronics engineers

a growing field for exactly this reason

they are 'grey collar' i suppose, half white, half blue

Jobs are not one to one.

of course not, that's why you may need fiscal policy to provide the buffer during the transition and phase change

military does it for the slim percentage of population that goes that route, a few other ways are similar

The minimum income?

that too, but i mean there is plenty for the gov to do, shipbuilding, companies like mine, or research groups like DARPA, SPAWAR writ large, etc

we know where the fear is, military is always talking about it. people have been sounding alarm on us ship building forever

the 'sticking point' was complete faith in monetary policy, revulsion to fiscal policy

the faith in monetary policy lead directly to the over-financialization of the economy, meaning 'interests' share of GDP grew, eating away workers share

The world is changing rapidly. The internet, automation and AI is changing the nature of work and companies. I dont think we have any idea what will happen or how to manage it.

Its a whole new ballgame

most of it is evolutionary, not revolutionary

Disagree

you think most changes are REVOLUTIONARY?

not just simple evolutions?

take automation of vehicles. first they are all manual. then you get some basics like attitude hold or altitude hold for an aircraft, then you get FLCAS and then full autopilots that can even land

Now someone in the nebraska can make living selling to somebody in Zimbabwe fairly easily. The whole gig economy is new - Airbnb, Uber, task rabbit.

at level , a revolution, technically at the code level maybe, but to the pilot, if you serve/fly long enough, you see increasing improvements that hopefully redue your workload, becuase on the other hand, you are giving more to do

sure, but transportion costs going down is nothing new, that's the global order we subsidize I mentioned above