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/biz/ - Business & Finance

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1529369 No.1529369 [Reply] [Original]

Where is our economy and what industry is going to be well paid and have job security?

>> No.1529423
File: 41 KB, 334x500, cowen.jpg [View same] [iqdb] [saucenao] [google]

In this book Cowen argues the future is America is a hyper-meritocracy/technocracy.

He says it will evolve into a 2 class system, the top tier 15% of the population, the bottom tier 85%.

A technocratic elite and a low class living off universal basic income.

>> No.1529467

Isn't that system already the case? Whatever, top 10% own 90% of wealth...it ain't the automation tho, it's the usury, when money makes money a 6 year old should be able to figure it out, perpetual concentration of wealth going on since well, the crusades when it was enabled by the Pope of Rome, maybe an anti-Pope but again whatever. The Vatican is by far the wealthiest corporate entity on the face of earth today and for the last 1000 years.

>> No.1529628

>Isn't that system already the case? Whatever, top 10% own 90% of wealth...it ain't the automation tho, it's the usury, when money makes money a 6 year old should be able to figure it out, perpetual concentration of wealth going on since well, the crusades when it was enabled by the Pope of Rome, maybe an anti-Pope but again whatever. The Vatican is by far the wealthiest corporate entity on the face of earth today and for the last 1000 years.
He says the 1% of today will grow to 15%. The middle will be gone. And the bottom will grow to 85%.

The difference is there is NO middle class. The 0.01 or whatever percent will stay the same.

>> No.1529638

>He says the 1% of today will grow to 15%.

Reeeeeeee this triggers me.

The richest 1% will ALWAYS be 1%. It's a fucking definition.

>> No.1529639


Actually it already is in the protostages of doing that.

>> No.1529654


30 years old
no education
not even a highschool diploma
only $150,000 cash to my name
I feel so poor and fucked.

>> No.1529736

I didn't say 1%, I said :

"THE 1% of today."

Which implies a group comprised of today's top percentile of earners. That group will be growing in size.

But you already knew that. Thanks for wasting my time, retard.

>> No.1530277

As an interesting point, not many people know what the definition of being in the wealthiest 1% actually is.

It's actually having a net-worth of about $760,000USD, ie. the average home-owner in Australia, UK or half of Canada.

I found it interesting when I was in school during the whole Occupy movement there were people in my class unknowingly protesting against their parents.

>> No.1530281

>30 years old
>no education
>not even a highschool diploma
>only $150,000 cash to my name
Inheritance sounds awesome

>> No.1530291

When people talk about the 1%, they think about the top 1% of the 1%.
+ this:
The questions is how can we prepare for a world where it's only getting worse.

>> No.1530300

To expand slightly, the difference between the global 1% and the domestic 1% is vast.

Globally, as stated above it requires a net worth of over $780,000USD (just looked it up to confirm, was 20,000 off in last post) which is a not so exclusive club of 71 million people.
Domestically though, in the US, to be in the top 1% requires assets of over $7,000,000, and is made up of just over 3 million people, a slightly more exclusive club, but not as exclusive as some make out.

So when people say that 50% of the worlds wealth is owned by the 1%, they are referring to 71,000,000 people around the world. Not some exclusive board room of the mega-wealthy.

>> No.1530336

The automation industry.

>> No.1530350


Not inheritance. I worked and saved it up. But it's literally all I have. While everyone else was studying, I was working. But now I got injured so I'm trying to think of a job I can do or a skill I can learn that pays. :(

Any ideas? I feel so far behind in education that I don't think I could come out with a masters at 40 and have anyone take me seriously for a job.

>> No.1530353


*That's assuming I could even put myself to a grind to study considering I have built no study habits and dropped out of highschool to work and achieve my dream. Dream failed so now I have to wonder what to do.

>> No.1530355

30 years old
Bachelor's degree. Computer Science
4yrs of work exp, now making 65k with 6% bonuses
only 40k in saving

I much rather have 150,000 cash instead
Let's trade lives

>> No.1530408
File: 75 KB, 547x692, 1447290742410.jpg [View same] [iqdb] [saucenao] [google]

>house prices inflate over the long term
>become bourgeoisie a la bracket creep

>> No.1530410

Well, yeah but I'm also injured so I'm kinda curious what jobs I can do that will save my body for when I'm older.

You'd really trade your education + no job prospects for $110,000?

Making 65k a year if you budget really well you'll have more than I do in 3 years.

>> No.1530550

Either creative industries or jobs requiring highly specialized skills/knowledge reservoirs that can't be easily replaced.

>> No.1530554
File: 211 KB, 650x579, resources.jpg [View same] [iqdb] [saucenao] [google]

Good. Maybe we will finally rise our standards and the weak will stop being slaves to the strong. You either become strong or you die.

>> No.1530571
File: 2 KB, 125x70, 1438003215820s.jpg [View same] [iqdb] [saucenao] [google]

>the future is America is a hyper-meritocracy

It's heading the exact opposite way

>> No.1530623

I dont believe that will matter.

It will come down to capital.

Governments are printing money and giving it, almost for free, to large corporations. This will drive up asset prices (houses etc). This will result in large companies owning millions of rental properties. This will be propped up by the government subsidising rent for low earners.

Some of the easy money will be used for robotics, automation etc.

This will mean that creative skills will be cheap as there will be millions of unemployed people willing to do it. Effectively Mechanical Turk in style.

The writing is on the wall with Airbnb, Uber etc

>> No.1530676

Please explain

>> No.1530700

-routine manual job employment will decrease
-non routine cognitive job employment will increase

more specifically...
-professional employment will increase
-managerial employment will increase
-clerical and admin employment will decrease

>> No.1530703

The average home owner in the uk has a networth of 700,000k? You are delusional

>> No.1531128

Feels good to be an Australian teacher.

>> No.1531162

nepotism, connections, etc

>> No.1531261

It might be cheaper to just pay people minimum wage instead of installing a bunch of robots in every Burger King

>> No.1531285

It's cheaper now. Who knows in the future. The Kroger in my town installed a bunch of self checkout lanes. But they require maintenance and it's just cheaper to hire minimum wage teens to run the 2-3 open registers. The self checkout lanes have been broken for years.

>> No.1531427

As technology (specifically software) improves, the average cost of automation will continue to go down. Because development is exponential, cost decreases are also exponential; it's getting faster at getting cheaper.

Assuming you don't die in the next decade or so, you will live to see the beginning of a massive societal shift where wealth, income, and earning power all singularly flow toward the top. Just under one half of American adults are unemployed right now. That will increase massively in the coming years.

Deny or rationalize all you want, that's what will happen and you aren't going to do anything to stop it.

>> No.1531560


True, but I was talking about gross income not net worth.

>> No.1531577
File: 124 KB, 1200x900, 1474751134080.jpg [View same] [iqdb] [saucenao] [google]

>be in media and arts
>never get robocucked

>> No.1531634

McDonalds will use robots as well.

>> No.1531738

There is already development of A.I that can create creative artwork and literature, also very few people that do have work in the creative sector (music, art, theatre etc.) can actually use that to pay the bills (the number is something like 3% of all creative workers can actually do that)

>> No.1531758

By the time this happens, we will all be in middle/upper management, so it's not really a huge concern for us.

>> No.1532020

Who's "us"?

>> No.1532338

glad I'm doing computer engineering right now. In the next decade I'm sure i'll be able to find a job designing these robots

>> No.1532349

Just wondering: where will all the energy and materials come from to mass-produce ultra complex machines at a lower cost than simply paying a human? You sound so certain that it will happen, so you must have access to game-changing physics discoveries that make it seem viable rather than obviously never going to happen.

>> No.1532572

The writing is on the wall with Airbnb, Uber etc.

Care to elaborate? Maybe i'm just dumb.

>> No.1532623

Crowd-sourced low-paid monkey work with no security or rights will become the norm.

>> No.1532655

>just under one half

I suppose 4.9% is just under one half.

You also have to keep in mind that the Government limits the development of automation. Like the self driving car meme. Vehicles will always require an operator on our public roads. There will never be driverless semi trucks, taxis, etc. Unmanned drones are not allowed above 500ft so they don't interfere with manned aircraft. Automated metro trains run their own rail systems, else they would too require a contractor. There are already "self driving" semi trucks in Nevada and they still require operators behind the wheel because of the law. Unless the government changed their views on that, or created new lanes for driverless vehicles, it is not going to happen anytime soon. Companies know this and that's why it's just "concept" projects. Apple already dropped their car project probably because they know the government won't budge anytime in the near future. They are still developing software related to autonomous vehicles, but they've scaled back drastically, as have many other companies.

I'm being realistic here. Not trying to argue your point or anything. Automation will happen and it will effect our economy, but it won't happen until the government allows it. These semi truck companies like Freightliner could just create their own carrier with their self driving trucks and steal all the business with lower rates from the 90% owner operator trucking industry, but there are laws preventing that on a business/monopoly level, yet alone the fact that it's illegal for them to be on the road without an operator.

>> No.1532659

Did you save 150k in your bank account?
You're supposed to buy index funds nigga

>> No.1532819
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>Vehicles will always require an operator on our public roads. There will never be driverless semi trucks, taxis, etc.

>> No.1532978

As of the current state of law. Only what? 11-12 states has legislated self driving car testing on public roads by the manufacturers only under specific conditions. And Florida is the only one that has legislated self driving cars to anybody on public roads, but you must still have a valid drviers license and the standard laws implies for you as well for distracted driving. Still a lonnggg ways to go before "drivers get replaced" meme happens. They've been saying that in magazines since the 90s. If you were alive then you'd know. We were supposed to have flying cars by now, powered by solar panels, and gardens on top of every building.

>> No.1534611


What is inflation, moron?

1% is 1%

>> No.1534659

Allow me to clarify then: the specialized creative class whose work is either in relation to corporate projects(branding experts, product designers, etc.) OR the more talented/capable artistic types who are more successful than their peers in attracting an audience (NYT bestselling novelists, top music artists, the Youtube artists people like, etc.).

The vast majority will be left behind though. Oversaturated market filled with bad to mediocre to "just not good enough" talent.

>> No.1535379


What are you talking about? I don't understand what inflation has to do with this.

Yes 1% is 1%, but you obviously didn't understand my last post.