Inflation is always and everywhere a monetary phenomenon RELATIVE to real economic activity. This last part is key.
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It's always been detached, and it's always made the real economy worse.
[THREAD] 1/10
What is profit? It's excess labor.
You and your coworkers make a chair. Your boss sells that chair for more than he pays for the production of that chair and pockets the extra money.
So he pays you less than what he should and calls the unpaid labor he took "profit." 2/10
Well, the stock market adds a layer to that.
So now, when you work, it isn't just your boss that is siphoning off your excess labor but it is also all the shareholders.
There's a whole class of people who now rely on you to produce those chairs without fair compensation. 3/10
And in order to support these people, you and your coworkers need to up your productivity. More hours etc.
But Wall Street demands endless growth in order to keep the game going, so that's not enough.
So as your productivity increases, your relative wages suffer. 4/10
Not because the goods don't have value or because your labor is worth less. Often it's actually worth more because you've had to become incredibly productive in order to keep your job.
No, your wages suffer because there are so many people who need to profit from your work. 5/10
[THREAD] 1/10
I know people think this is fun but -- why do we have a stock market? So productive firms can raise capital to do useful things. Detaching stock price from fundamental value (Gamestop is now worth almost as much as Best Buy) makes the markets serve the real economy worse.
— Josh Barro (@jbarro) January 27, 2021
What is profit? It's excess labor.
You and your coworkers make a chair. Your boss sells that chair for more than he pays for the production of that chair and pockets the extra money.
So he pays you less than what he should and calls the unpaid labor he took "profit." 2/10
Well, the stock market adds a layer to that.
So now, when you work, it isn't just your boss that is siphoning off your excess labor but it is also all the shareholders.
There's a whole class of people who now rely on you to produce those chairs without fair compensation. 3/10
And in order to support these people, you and your coworkers need to up your productivity. More hours etc.
But Wall Street demands endless growth in order to keep the game going, so that's not enough.
So as your productivity increases, your relative wages suffer. 4/10
Not because the goods don't have value or because your labor is worth less. Often it's actually worth more because you've had to become incredibly productive in order to keep your job.
No, your wages suffer because there are so many people who need to profit from your work. 5/10
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The first area to focus on is diversity. This has become a dogma in the tech world, and despite the fact that tech is one of the most meritocratic industries in the world, there are constant efforts to promote diversity at the expense of fairness, merit and competency. Examples:
USC's Interactive Media & Games Division cancels all-star panel that included top-tier game developers who were invited to share their experiences with students. Why? Because there were no women on the
ElectronConf is a conf which chooses presenters based on blind auditions; the identity, gender, and race of the speaker is not known to the selection team. The results of that merit-based approach was an all-male panel. So they cancelled the conference.
Apple's head of diversity (a black woman) got in trouble for promoting a vision of diversity that is at odds with contemporary progressive dogma. (She left the company shortly after this
Also in the name of diversity, there is unabashed discrimination against men (especially white men) in tech, in both hiring policies and in other arenas. One such example is this, a developer workshop that specifically excluded men: https://t.co/N0SkH4hR35
USC's Interactive Media & Games Division cancels all-star panel that included top-tier game developers who were invited to share their experiences with students. Why? Because there were no women on the
ElectronConf is a conf which chooses presenters based on blind auditions; the identity, gender, and race of the speaker is not known to the selection team. The results of that merit-based approach was an all-male panel. So they cancelled the conference.
Apple's head of diversity (a black woman) got in trouble for promoting a vision of diversity that is at odds with contemporary progressive dogma. (She left the company shortly after this
Also in the name of diversity, there is unabashed discrimination against men (especially white men) in tech, in both hiring policies and in other arenas. One such example is this, a developer workshop that specifically excluded men: https://t.co/N0SkH4hR35