[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]
Re: Crypto's Role in Evil?
On Sun, 8 Oct 1995, Timothy C. May wrote:
> liberalism" and law-based "social justice" policies. My personal view is
> that an ever-shrinking elite (20%, then 10%, then 2%, ...) will dominate
> high-value transactions, with the mass of humanity offering little or
> nothing worth buying. Just my view.)
I hear this from commies all the time but I don't have to take it from a
fellow libertarian. I expect commies to be economically illiterate.
The notion that the unskilled have nothing to sell is the same argument
as saying that poor, third-world nations have nothing to sell (and
should protect their markets via tariffs). Commies these days (The End
of Work - by anti technologist Rifkin) make the same claim. This implies
that wants are limited.
Most economists operate on the assumption that wants are unlimited.
Certainly I do.
In addition to becoming skilled, the unskilled can supply personal
services that we as primates will still like to have suppled by people.
If "magically" supplied goods make goods cheap, labor becomes dearer by
Some people seem to think that the theory of comparative advantage means
that the person/nation with the lesser comparative advantage can't do
anything. What it really means is that the more efficient concentrate on
those things they are more efficient at while the less efficient
concentrate on less valued tasks which the more efficient could do better
if it was worth it to do so but it's not.
"Who notes that waitrons of the present day have a much higher real
income than physicians of the 19th century."