reply on: Western Executives Visiting China Come Back Terrified \ stacker news ~econ

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132 sats \ 9 replies \ @0xbitcoiner 4h \ on: Western Executives Visiting China Come Back Terrified econ

Throughout history, some jobs disappear and new ones show up, maybe now it’s just happening faster. But that’s a natural thing, and societies have shown they can adapt. What doesn’t make sense, and definitely isn’t gonna happen, is keeping people getting paid for doing nothing over long periods of time.

161 sats \ 2 replies \ @Undisciplined 3h

100%

Human wants are unlimited and comparative advantage means that there will always be demand for human labor (if only because they can underbid higher performing robots in some tasks).

One seemingly likely prospect for humans is just the demand for things that are made by humans.

42 sats \ 0 replies \ @0xbitcoiner 2h

totally. Sometimes the shift happens faster or slower, depends on demand like you said, but it happens in the end.

42 sats \ 0 replies \ @OT OP 2h

I'm sure they'll adapt. The already know they're on their own (as in the gov won't save them) so they'll like adapt to fill a void somewhere.

111 sats \ 5 replies \ @OT OP 4h

They've been trying to transition to a service economy for more than a decade now. I guess at this pace we'll find out pretty soon.

32 sats \ 4 replies \ @0xbitcoiner 4h

almost 50% services labor force

https://www.statista.com/statistics/270327/distribution-of-the-workforce-across-economic-sectors-in-china/

88 sats \ 3 replies \ @OT OP 2h

I think they do service differently to the west. They pay low and over hire to optimize convenience. In the west (well in Australia at least) the minimum wage is high so companies can't afford to hire too many employees.

I remember going to this fancy restaurant in Shanghai and they had a waiter stand over every table. I felt uncomfortable, but maybe the locals thought different.