Let’s look at it a different way. If I got dropped into a classroom and had to teach finance, I could do it easily. Let’s see a lifetime finance PhD professor go manage my long short pod without getting fired after a month.
That would mean there would have to be enough of those jobs for all those who need them. Sure, a few people lose their jobs here and there, we can handle that but it’s when thousands of people lose their jobs that’s at issue.
People that never actually practice their given trade and only work in theory and books about the trade lack practical ability in the field. There are things you learn “On the job”, whatever that job is, that shape your understanding and ability. Being in an “Ivory tower” separates you from those realities and practical learning. And most guys that are in said tower will insist that this is not the case in spite of their lack of breadth in understanding. Teachers should be required to put in real time on the job before being allowed to instruct - and I happily apply that generalization to any and all fields.
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That’s economic “science.”
More “science.”
Nail on the head.
Yeah you’ve expressed a few times how much more qualified you are. I’m sure you have a huge deadlift, 6 pack abs, and a giant cock.
I’m just happy someone who’s so intelligent and successful can take time to educate all these idiots on a message board.
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You’re very welcome, I could see you needed the help.
Are you disputing what I said?
The long term view is that this is unavoidable at some point, so prolonging it only prolongs the suffering across more generations. The short term is real suffering to which we should not be callous. Miners live where they live because that’s where the mining is. They are allowed to move somehwere else for a new field of work, and I am in favour of using tax money to help them with that burden. Help them. UBI doesn’t help them to have that new job and the self-respect of earning a living.
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That’s not typical. Most teachers of anything have practical experience. And not all those with experience and demonstrated success, can teach.
But I will concede this, no jockey has had experience being a horse.
Words I got from working a career in capital markets.
Your second statement proves you can’t comprehend capital markets.
Third statement - more appeal to emotion.
It could help them in the meantime. I think this is a fundamental problem with American thinking. We don’t want to pay less now in order to not pay more later. We really do love living on borrowed money and borrowed time.
If everything that can be automated is automated overnight, what happens? How does Day 1 look? How does Day 100 look? Day 1,000? When do we see a decrease in quality of life, and what causes it?
Very true. Natural athletes make lousy trainers. Lousy athletes often make great trainers - because they know what they had to do to improve. The statement is a double edged sword - many are incapable of being effective teachers, and many teachers actually suck at the job. But, not spending time at the job makes the teacher less effective. You don’t have to be good at something to teach it, but you have to know what being good at it looks like and how that happens.
They had fancy English classes, did they?
No, it’s that you have some limp-wristed concept of what it means to build something. It’s like a theoretical view of building that someone with no practical experience building something would have.
Yeah thank you. You should get your message to all the idiots in those studies and everyone else. People need to realize how stupid they are and that you have the right answer to all. You should make a YouTube series.
You can’t prove what you said is true. You know, it’s not science.
This is the crux of the argument. UBI is not paying less later, it is paying more now AND more later. Things like unemployment and retraining programs exist to fill the immediate, short-term need.
You work for a managed fund, right? Are those not basically cons? Buffet has shown that un managed index funds on average have higher returns than managed funds, and that is before fees. This was over a 10 year period too.
Bridgewater which you mentioned has returned 7.8% annually since it inception until 2018, and charged large fees that ate away at that return.
The S&P 500 has returned close to 10% with much lower fees from inception until 2018.
If you work for one of these companies you are a manager that is less competent than no manager, and you are ripping people off.
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Assume that everyone will go out and learn new skills and get those better jobs that have suddenly been created but no one can do yet.
Quality of life? As long as it’s better than Mexico, does it matter? And this would be a Mexico that also loses jobs to automation. So we’d have even further to fall.