Wednesday, June 13, 2018

Criticizing capitalism once again

In capitalism workers are not paid what they're owed. "Although productivity is growing steadily in almost all areas of the economy, workers are required to work as hard as ever. They do not benefit from the increase in productivity. So, we must ask, where do the profits go? Evidently not to the people to whom they are owed, i.e. the workers." (W. Ertel, Introduction to Artificial Intelligence, 2nd edition, Springer, 2017, pg.13)
Capitalist economics is unsound because, among other things, it's model of human rationality is invalid. "...no such theory of our common-sense intuitions about anything can be constructed...The same story applies in economics...This programme, for all its mathematical elegance, has also foundered." ( N. Chater, The Mind Is Flat, Allen Lane, 2018, pg 32)

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