Allen Sinai has been around for a while. He is a former Lehman Brothers. managing director and Forbes' profile also has him as a former "Chairman of the Committee on Developing American Capitalism and a past member of the Time Magazine Board of Economists." He's one of the theoreticians of capitalism.
As we have pointed out on this blog before, it is crucial for working people to read the serious journals of capitalism as here they tell the truth, they talk to each other about the system they govern and how best to govern it, which means how best to maximize profits in the most stable environment possible.
We cannot always control our environment, not just the environment of the natural world, but the economic environment, as there are economic laws, the effects of which can be devastating as we are witnessing. Sinai is one of the quotes of the week in Business Week's latest issue; here is what he has to say to his class colleagues:
"We are not going to generate a lot of jobs. The cost of Labor is too high. We are having a huge substitution of technology for people to save money and make profits."
This is a very honest appraisal. However, there is a problem. If they substitute technology for people and produce the same or more goods. Who will buy them? The more they substitute technology for human Labor power the less workers have in their pockets to buy the goods that are produced it would seem to me.
They're in a bit of a bind I would think.
No comments:
Post a Comment