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morganism comments on The progressive case for replacing the welfare state with basic income - Less Wrong Discussion

-5 Post author: morganism 11 September 2016 10:41PM

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Comment author: gjm 12 September 2016 04:19:36PM -1 points [-]

In particular, there is a rather important bit missing: what happens to the price of the products (or services) that these people produced.

Yeah, in retrospect I should have said something like

(In this case, what probably happens next -- at least if there is competition -- is that the company lowers its prices somewhat. So now the business owners win and their customers win. In the long run these lower prices may lead to new jobs.)

... Oh, wait. I did.

Comment author: morganism 12 September 2016 10:10:30PM 0 points [-]

No, what happens is that the original producer plays a stock short on the new guy, does an M & A on them, then liquidates the new company while trapping any intellectual property and patents in the safe.

Then we lose competition, price pressure, and innovation.

And even more folks are out of work.

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