Wayne Radinsky Yesterday at 12:43pm near Denver, CO ·
A Capitalist's Dilemma, whoever wins on tuesday. Clayton M. Christensen, author of The Innovator's Dilemma (where companies fail even though they do the "right" thing because of disruptive innovations) describes an analogous "Capitalist's Dilemma" affecting the whole economy. He breaks innovation into 3 categories: "empowering", "sustaining", and "efficiency", where "empowering" innovations create new industries and lots of jobs, "sustaining" innovations incrementally improve existing products and neither create nor destroy very many jobs, and "efficiency" innovations make industry vastly more efficient and wipe out lots of jobs, and surmises that the problem with the world today is that all the innovation is on the "efficiency" side. He never makes the connection between "efficiency" innovations and AI and robotics and Moore's Law and advancing computation power, and how we're headed to an eventual future where machines do all the jobs (which won't happen in our lifetimes and certainly not in Clayton Christensen's, since he is 60 years old), and makes policy recommendations to "fix" the problem that are unlikely to actually fix it: change the metrics used to measure "profit", change the capital-gains tax rates (so that there are zero and negative capital gains taxes for long-term investments), and change the politics -- get rid of the idea of taxing the 1% and "wealth redistribution" and instead give the wealthy a reason to invest (by which he means we have too high capital gains taxes and need his idea of zero and negative capital gains on long-term investments).
http://www.nytimes.com/2012/11/04/business/a-capitalists-dilemma-whoever-becomes-president.html?pagewanted=all
Wayne Radinsky Higher returns on capital than labor is what you would expect when machine intelligence advances well enough to compete economically against human intelligence; see http://www.youtube.com/watch?v=GPaf9YGz6Es
Another talk about stagnant jobs production.
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