Timmy elsewhereFebruary 13, 2014 Tim WorstallTimmy Elsewhere3 CommentsAt the ASI. On the rise of the robots previousThe non-payment of tax is an abuse of human rightsnextSo the floods are about climate change then? 3 thoughts on “Timmy elsewhere” SimonF February 13, 2014 at 9:42 am Tim, O/T but there is an excellent program hear about whether Bitcoin will be around in 5 years. http://www.npr.org/blogs/money/2014/02/05/272113082/episode-515-a-bet-over-bitcoin If you still haven’t got the wherewithal to listen to the program there is a blog post that sums it up: http://www.npr.org/blogs/money/2014/02/05/272077743/a-venture-capitalist-is-betting-a-pair-of-socks-and-50-million-on-bitcoins-futur Ironman February 13, 2014 at 2:57 pm Tim, re Points 3) & 4): “3) The assumption is that capital will become more productive in a robot world. That’s why we’ll have to tax the snot out of capital. And capital will indeed become more productive: which is why its value will fall. Yes, you read that right. When something becomes more productive this is equivalent to stating that we’ve made more of it. Thus more productive capital means we have more capital and the price of something that becomes in greater supply falls, not rises. 4) The last time we mechanised a significant area of life was probably farming back in the 1920s and 30s. Agriculture become significantly more productive. What happened to the price of land? Yup, it sank like a stone and the farmers have been on the public teat ever since.” Excellent. Thank you. This is somewhat counter-intuitive, but when you work your way through the mechanics, it does make sense. Again, thank you. Pingback: Rise of the Machines: Innovation leads to gales of “creative destruction” | motorcitytimes.com Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment.