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192 sats \ 14 replies \ @0xbitcoiner 13 Oct \ on: Western Executives Visiting China Come Back Terrified econ

Throughout history, some jobs disappear and new ones show up, maybe now it’s just happening faster. But that’s a natural thing, and societies have shown they can adapt. What doesn’t make sense, and definitely isn’t gonna happen, is keeping people getting paid for doing nothing over long periods of time.

161 sats \ 2 replies \ @Undisciplined 13 Oct

100%

Human wants are unlimited and comparative advantage means that there will always be demand for human labor (if only because they can underbid higher performing robots in some tasks).

One seemingly likely prospect for humans is just the demand for things that are made by humans.

42 sats \ 0 replies \ @0xbitcoiner 13 Oct

totally. Sometimes the shift happens faster or slower, depends on demand like you said, but it happens in the end.

42 sats \ 0 replies \ @OT OP 13 Oct

I'm sure they'll adapt. The already know they're on their own (as in the gov won't save them) so they'll like adapt to fill a void somewhere.

111 sats \ 5 replies \ @OT OP 13 Oct

They've been trying to transition to a service economy for more than a decade now. I guess at this pace we'll find out pretty soon.

32 sats \ 4 replies \ @0xbitcoiner 13 Oct

almost 50% services labor force

https://www.statista.com/statistics/270327/distribution-of-the-workforce-across-economic-sectors-in-china/

88 sats \ 3 replies \ @OT OP 13 Oct

I think they do service differently to the west. They pay low and over hire to optimize convenience. In the west (well in Australia at least) the minimum wage is high so companies can't afford to hire too many employees.

I remember going to this fancy restaurant in Shanghai and they had a waiter stand over every table. I felt uncomfortable, but maybe the locals thought different.

21 sats \ 2 replies \ @0xbitcoiner 13 Oct

This looks like some fancy restaurant!

21 sats \ 1 reply \ @OT OP 13 Oct

It was. I just don't like the feeling of someone watching me eat.

0 sats \ 0 replies \ @0xbitcoiner 13 Oct

42 sats \ 4 replies \ @kepford 13 Oct

Exactly... it gets so old listening to people that clearly have never read much history or questioned what they are being told freak out about things that have literally happened over and over again...

We forget that the idea of "a job" is relatively new. Humanity survived without "jobs" for much longer than it has with "jobs".

Why is it that the answer to almost every problem people come up with is... Socialism?

3 sats \ 3 replies \ @OT OP 13 Oct

You're probably right, but the pace and the scale is unprecedented though. The good thing for the CCP is that people generally know that they get little benefits (health & welfare). This makes families more reliant on each other and may end up for a period of time having one working for the group.

21 sats \ 2 replies \ @kepford 13 Oct

I disagree that if is unprecedented. The advances in technology have slowed massively in the 21st century. But more importantly what are you and I gonna do about it. Slow down technology advancement? That's the goverment's job.

47 sats \ 1 reply \ @OT OP 13 Oct

Well... There hasn't ever been a billion people moving into retirement age around the same time.

what are you and I gonna do about it.

That's why we stack sats isn't it?

For me personally I've worked some pretty sh$tty jobs in my time. I'm happy to learn a new skill or even do a repetitive boring one as long as I can listen to an audio book or pod.

21 sats \ 0 replies \ @kepford 14 Oct

I've worked some pretty sh$tty jobs in my time

Same here. Thankful for what I have and I am trying to stay humble and stack sats. Trying to be prepared if times get tough or even if they don't.