Quote:
Originally Posted by Pierre
You’re obviously very knowledgeable in “economic theory”.......................
Supply, demand etc but most importantly choice, desire. Products that beat the market, and accelerate before competing suppliers can catch up and when they do their response is inferior.
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I think there are two questions that then come from this:
1) How much of that profit should be channelled into one person's hands?
2) What happens when a product dominates the market to such an extent even superior products can't get a look in? This is especially true of products where critical mass is important - think Uber - so first mover advantage becomes the only thing that matters.
The danger we face now is more and more processes will become automated which will cut more people out of the jobs in creating that wealth giving more of it to a narrower group of people at the top. The people who generally can afford to implement these systems of automation will be those with the money to do so. More and more money will go to fewer and fewer people and it won't matter how hard you work - robots can work harder - or how much education you have.
It's not a simple question but an interesting one.