Vince Scafaria
A
A friend asked "Do you think we should have universal basic income?"
(The context: AI putting pressure on jobs and wages)
My reply...
To me this is like asking "Do you think some people should be allowed to eat food and live indoors?"
I dispute the PREMISE...
11:20 AM - Apr 15, 2023
Avatar Avatar
0
15
2
Vince Scafaria
A
In response to Vince Scafaria.
Forced to answer yes/no, I'd say yes, but the premise is flawed.
Every economy is part of a society. Society decides what's acceptable. When power compounds without any restraints (libertarianism), the elite are left wondering what to do about "those people"...
11:21 AM - Apr 15, 2023
2
0
Vince Scafaria
A
The answer imo is for society to disallow exponential unrestrained compounding of wealth and power.
Yes to capitalism because incentives matter. But no to libertarian capitalism.
What type of society could impose these restraints on the powerful? Only a healthy democracy...
In response to Vince Scafaria.
11:21 AM - Apr 15, 2023
1
0
Vince Scafaria
A
In response to Vince Scafaria.
[now beyond what I texted my friend...]
Maybe today you're a lawyer or a programmer or a wealth manager. You feel like you're more closely aligned with billionaires (whose employ makes you moderately wealthy) than truck drivers. Sorry, you're a real person. And real people...
11:24 AM - Apr 15, 2023
2
0
Vince Scafaria
A
In response to Vince Scafaria.
will all suffer together if we allow democratic institutions to decay and we allow those with the most wealth and power to compound it without end.
Should YOU be allowed to eat and live indoors?
Continued...
11:24 AM - Apr 15, 2023
0
0
Vince Scafaria
A
In response to Vince Scafaria.
Libertarian economics (which has polluted mainstream economic thinking for 40 years!) is incompatible with democracy. Here are 8 myths I learned to debunk after starting at Wharton and Wall Street and teaching 10,000 bankers, then finally understanding...

https://youtu.be/A7GB2hHj83w
Debunking Economic Myths in Service of Democracy (FULL VIDEO) - YouTube

Democracy has come under siege in the US and globally. Perpetuation of economic myths has been a major cause. As a CFA, Wharton alum, and former I-banker who...

11:24 AM - Apr 15, 2023
1
0

 

{{ notificationModalContent }} {{ promptModalMessage }}