Comment by RC_ITR
1 day ago
>There is only one market that large: the global labor market.
This isn't even close to true and it's kind of the central thesis of this article.
Saudi Aramco has consistently been a $2tn company in the oil market.
Walmart is a $1tn-ish company focusing on a fraction of US retail.
It also ignores the idea that the economy is not zero sum and companies create their own market/economic value all the time.
And "grow the pie" ignores the reality that the distribution of benefits is often "150% to capital, -50% to labor" because capital isn't held accountable for displacing labor and labor suffers displacement risk without compensation.
This would be fine if the money reliably trickled down, but it doesn't. This would be fine if we used redistributive policy to make it right, but we don't.
What does aramco, Walmart valuation has to do with global labor market? That is much bigger than these companies. Also, companies create their own market but that does not mean average people will be benefited from that. AI companies can just bypass the labor market once its done and can have contract with the extremely rich companies or governments around the world.