I'm talking about labor theory of value vis-a-vis this comment
> Companies will always try to capture the productivity gains from a new tool or technique
Ie "capitalists" are not rewarded for deploying capital and mitigating risk but for extracting as much from the labor as possible.
And yes Marx is absolutely the "originator" of these ideas and yes absolutely you ask any orthodox economist (and many random armchair economists on here) they will deny it till they're blue in the face. In fact you're doing it now :)
Edit: it's the same thing that plagues the rest of American civil society: "voting against your [communal] interests because someone convinced you that your exceptional". Ie who needs unions when I'm a 10x innovator/developer. Well I guess enjoy your LLM overlords then Mr 10x <shrug>.
Gains from productivity will accrue to those with the most bargaining power. Whether that’s the employee or the employer is going to depend on the exact circumstances (realistically it will be some mix). Hence why factory workers today get paid more than in the 1800s (and factory owners as well!)
> Gains from productivity will accrue to those with the most bargaining power.
That's true. And employers have been consistently the one with more bargaining power, and that's why our wages haven't kept up with the productivity gains. This is also known as productivity-pay-gap.
We, the working class, are supposed to be paid roughly 50% more than we are paid now, if the gains from productivity were properly distributed. But they are not, concentrated to a large extent in the owning class, which is what's unfair and why we, the workers, should unite to get what's rightfully ours.
> Companies will always try to capture the productivity gains from a new tool or technique
Ie "capitalists" are not rewarded for deploying capital and mitigating risk but for extracting as much from the labor as possible. And yes Marx is absolutely the "originator" of these ideas and yes absolutely you ask any orthodox economist (and many random armchair economists on here) they will deny it till they're blue in the face. In fact you're doing it now :)
https://en.m.wikipedia.org/wiki/Labor_theory_of_value
Edit: it's the same thing that plagues the rest of American civil society: "voting against your [communal] interests because someone convinced you that your exceptional". Ie who needs unions when I'm a 10x innovator/developer. Well I guess enjoy your LLM overlords then Mr 10x <shrug>.