undefined | Better HN

0 pointswhynotminot1y ago0 comments

> This picture doesn't make sense. If most don't have any money to buy products, just invent some other money and start paying one of the other people who doesn't have any money to start making the products for you.

Uh, this picture doesn’t make sense. Why would anyone value this randomly invented money?

0 comments

whimsicalism1y ago

> Why would anyone value this randomly invented money?

Because they can use it to pay for goods?

Your notion is that almost everyone is going to be out of a job and thus have nothing. Okay, so I'm one of those people and I need this house built. But I'm not making any money because of AI or whatever. Maybe someone else needs someone to drive their aging relative around and they're a good builder.

If 1. neither of those people have jobs or income because of AI 2. AI isn't provisioning services for basically free,

then it makes sense for them to do an exchange of labor - even with AI (if that AI is not providing services to everyone). The original reason for having money and exchanging it still exists.

staticman21y ago

You seem to be arguing that large unemployment rates are logically impossible, so we shouldn't worry about unemployment.

The fact unemployment was 25% during the great depression would seem to suggest that at a minimum, a 25% unemployment rate is possible during a disruptive event.

astrange1y ago

The unemployment rate in a modern economy is basically whatever the central bank wants it to be. The Great Depression was caused by bad monetary policy - I don't see a reason why having AI would cause that.

1 more reply

neom1y ago

Didn't money basically only emerge to deal with with difficulty of “double coincidence of wants”. Money simply solved the problem of making all forms of value interchangeable and transportable across time AND circumstance? A dollar can do with with or without AI existing no?

whimsicalism1y ago

Yes, that's my point

whynotminotOP1y ago

Honestly I don’t even know how to engage with your point.

Yes if we recreate society some form of money would likely emerge.

salawat1y ago

Fine, you exchange labor and the builder agrees to build you a house given materials for transport for granny.

Where are you getting gas/house materials from? No hand waves please. Show all work.

j / k navigate · click thread line to collapse

0 comments

whimsicalism1y ago

> Why would anyone value this randomly invented money?

Because they can use it to pay for goods?

If 1. neither of those people have jobs or income because of AI 2. AI isn't provisioning services for basically free,

then it makes sense for them to do an exchange of labor - even with AI (if that AI is not providing services to everyone). The original reason for having money and exchanging it still exists.

staticman21y ago

You seem to be arguing that large unemployment rates are logically impossible, so we shouldn't worry about unemployment.

The fact unemployment was 25% during the great depression would seem to suggest that at a minimum, a 25% unemployment rate is possible during a disruptive event.

astrange1y ago

1 more reply

neom1y ago

whimsicalism1y ago

Yes, that's my point

whynotminotOP1y ago

Honestly I don’t even know how to engage with your point.

Yes if we recreate society some form of money would likely emerge.

salawat1y ago

Fine, you exchange labor and the builder agrees to build you a house given materials for transport for granny.

Where are you getting gas/house materials from? No hand waves please. Show all work.

j / k navigate · click thread line to collapse