tech advancements are converted to company profits rather than worker profits.
The problem is ownership.
When the capitalist owns the technology that bring an increase of productivity then the capitalist “is entitled” to 100% of the “extra” profit generated by the increase of productivity. Because the workers are not able to output any excess by their own means the capitalist doesn’t believe they deserve anything extra which is why we’re stuck in this shit situation where wages seem stagnant while profits and productivity seem to always increase. :(
I’m taking it as hyperbole.
The amount that technological developments have amplified our productivity over even the past couple of decades, is insane
Yet
Many people are working longer hours for less money (in real terms)
We absolutely should be working less
tech advancements are converted to company profits rather than worker profits. What CEOs try to do with AI (but fail) is a proof of that.
The problem is ownership.
When the capitalist owns the technology that bring an increase of productivity then the capitalist “is entitled” to 100% of the “extra” profit generated by the increase of productivity. Because the workers are not able to output any excess by their own means the capitalist doesn’t believe they deserve anything extra which is why we’re stuck in this shit situation where wages seem stagnant while profits and productivity seem to always increase. :(
You found a long wording there for “the means of production” :)
It was intentional so I didn’t scare anyone with spooky scary Marxist language lol
well - the association was instant for me, and I never even read Marx, just a few wikipedia summaries ^^
Maybe he’s a bee in Rubacava