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this post was submitted on 03 Jan 2024
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Personally, I believe a worker is entitled to all they create. I'm not going to deny the initial investment of the company is a risk taken and getting a bussiness on its feet requires active effort. But this opportunity is not amongst the many and most business starters are already quite well off and appeals to investors for growth which requires favorability of yet more well off people. Not to mention more well of bussinesses are less affected by law with breaking the law becoming an investment eventually making anticompetitive practices prevalent.
While I do of course support personal property. Personally, I do not believe private property is justified as I believe it creates a wealth disparity and hierarchial power (Socialist here and relevant to workers being entitled to their labour). When working for a private bussiness. The owners of this bussiness get the surplus labour value of what you produce on the grounds of owning thus private property. I do not believe the existing ownership of this property is a justified income as it is a passive income independent of whether you do work or not.
Let us assume average CEO-to-worker pay ratio 70-to-1
The CEO does lots of work managing the company.
Do they work 70 times harder than their workers?
70 times the amount of skill or 70 times the amount of experience or 70 times the amount of physical exertion. Something.
But that's not how they are paid. Instead, they are paid a market rate. Just like me. And the market doesn't care how hard you work.
Clearly not, but because I am paid an hourly wage I get the same amount of compensation no matter how hard I work.
Maybe, or maybe just tied to the value of my labor.
That's not what happens. Instead I am paid a market rate i.e. they pay me as little as they can without causing me to find a different job. They do this to create profits, because all profit is literally just the revenue that's left over after expenses. I am one of those expenses, ergo-
The market says they are worth 70 times as much as I am.
They are not.
I'm extremely excited about cybernetic economic planning as AI and quantum computing become a reality.
Central planners couldn't make a centrally planned economy work with traditional paper book keeping, and even with computers and internet it would be extremely difficult and require an army of bureaucrats so huge it would strain the entire economy. When that process can be automated, with a market AI to handle pricing and supply and production and everything, then we can finally abolish the market.
Yes it's been tried before, but computing power has advanced so far beyond the 20th century when it was attempted last. We can do it.
The problem requires a vast army of bureaucrats to run the system, which is where the corruption comes from. Every additional human component of the system adds another layer vulnerability to bad actors. I think if they were automated away and rendered unnecessary, the central planning AI could run the economy with direct input from the masses. No need for bureaucrats.