On baking a bigger pie.................

 

      To allow scarce and valuable skills a free hand is to risk having such skills become so highly rewarded as to provoke envy—a powerful and dangerous political force.

     Part of such envy is natural, but much of it is hyped by intellectuals and politicians—both of whom get more worked up about how the pie is sliced than how big a pie it is.

-Thomas Sowell, from an essay found here

AI will be baking a bigger pie.............?

 The core mistake the automation-kills-jobs doomers keep making is called the Lump Of Labor Fallacy. This fallacy is the incorrect notion that there is a fixed amount of labor to be done in the economy at any given time, and either machines do it or people do it – and if machines do it, there will be no work for people to do.

The Lump Of Labor Fallacy flows naturally from naive intuition, but naive intuition here is wrong. When technology is applied to production, we get productivity growth – an increase in output generated by a reduction in inputs. The result is lower prices for goods and services. As prices for goods and services fall, we pay less for them, meaning that we now have extra spending power with which to buy other things. This increases demand in the economy, which drives the creation of new production – including new products and new industries – which then creates new jobs for the people who were replaced by machines in prior jobs. The result is a larger economy with higher material prosperity, more industries, more products, and more jobs.

-Marc Andreessen, from this Substack, why-ai-will-save-the-world

Think big..........................

                Remembering that . . .

Wisdom.............................

 ..................(the better the crust, the better the pie)

The best way to get a bigger piece of the pie...

....................................is to help make the pie bigger.

The $74 Trillion global economy in one handy chart.........................................

larger and easier to read version here.

via

growing the pie....................

"... the US has done well because we have not wrangled as much as the rest of the world over distribution issues, and have left a lot of room for people to gain a lot from their own productivity.  That has led to a lot of wealth, and in general, a growing pie for everyone to benefit from.

Productivity goes in waves, and labor plays catchup with capital after technological progress.  We have seen people redeployed from agriculture and servanthood/slavery in the past 150 years.  We will see them redeployed from manufacturing in the next 100 years.  They will provide services to their fellow men, should there continue to be peace and tranquility, allowing labor income to catch up with that of capital."

-David Merkel, as extracted from here

On the need for baking a bigger pie................

"Abundance is an all-inclusive idea.  It means everyone.  It means the individual must matter, and matter like never before."
-Peter Diamandis and Steven Kotler,  Abundance:  The Future Is Better Than You Think

Real wealth is a by-product...................

"There is a cost to trying to be super-rich, and most people die at that altar of greed.  I suspect that most that succeed, did not aim to be super-rich, but pursued that task because they found it interesting.  They were idealists who happened to be in business, and their ideals matched up with what would enable society to pursue its goals more effectively."
-David Merkel, as excerpted from this interesting post

Baking a bigger pie.............

“You can serve God and man in no more effective way than by getting rich;  that is, if you get rich by the creative method and not by the competitive one.” 
-Wallace D. Wattles