What did people do with the extra time they got from working less? In short, the answer is, they relaxed.
from their own webpage:
The Foundation for Economic Education is an American conservative, libertarian economic think tank.
i never thought i would see such nakedly late-stage capitalist drivel passed off as news on the lemmyverse; but i guess if it were going to happen anywhere here, it could come from the reddit induced echo chamber instances.
FEE didn’t conduct the study. In regard to economics, libertarians have more credibility than socialist. Socialist don’t care about economics. Socialism isn’t economics. Economics is almost synonymous with capitalism and free markets. Instead of raging, maybe you should explain what socialism is, and, how it works, and why it is superior.
He didn’t mention socialism.
There is only capitalism and socialism. Socialism, communism, and Marxism are anti-capitalist. Communism is a form of socialism.
There are other alternatives like economic democracy. Capitalism vs socialism is a false dichotomy
There is no such thing as economic democracy because democracy isn’t economics. It is politics. Socialism originally was a theory that capitalism was blocked by the use of money. To replace money, you need socialism to be centrally plan how and what people will work. Otherwise, who will take up jobs that are least pleasing, such as taking out the trash. What people claim to be socialism today is an idea of accessing resources at the expense of others. These are government programs with socialist traits, for example, how the Baby Boomers enjoyed the benefits of entitlement programs while generations afterward are going to foot the bill. That is a Ponzi scheme, which how socialism works, in reality, to be pleasing for people. It is a system that requires suckers who do most of the work.
Democracy is the idea that positive control rights over an organization should be assigned to the party governed in or by that organization. This concept is applicable in an economic context. For example, the workers in a firm are governed by management, so democracy implies that the managers be ultimately accountable to the entire body of workers in that firm making the firm a worker co-op.
Capitalism has workers do 100% of the work, but employers receive 100% of the whole product
Absolute nonsense.
Oh no, they relaxed? Well now, we can’t just have the poors take a break from wage slavery. They must do something!!
Or interpreted another way, just lazy people. This is why UBI is not instituted often, if ever. Because lazy people will not work if they are paid to be lazy. They will work fewer hours. When people work overtime, they work longer hours. Lazy people don’t benefit a democracy. In the long run, taxes will decrease. It might work for votes and only to get votes, and nothing else.
What about people displaced by policy or technology?
Technology adds value. Lazy people do not.
