Keynes
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This document is a scanned page from a book or academic text discussing economic theory, specifically the concept of 'zero marginal cost' and its impact on capitalism. It highlights a joint paper presented by Lawrence Summers and J. Bradford DeLong in August 2001. The document bears a 'HOUSE_OVERSIGHT' stamp, indicating it was collected as evidence, likely in relation to investigations involving Lawrence Summers' associations.
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The text discusses the inherent contradictions within the capitalist system regarding productivity and marginal costs, citing economists Lange and Keynes. It explores how technological progress drives costs toward zero, potentially stalling investment and profit, and references modern economic discussions by Lawrence Summers and J. Bradford DeLong on the "near zero marginal cost" dilemma.
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This document is page 3 of a Standard & Poor's economic research report dated August 5, 2014, discussing the negative impact of income inequality on U.S. GDP growth. It cites Keynesian economic theory and analyzes potential GDP gains from increasing education levels in the workforce. The document bears a 'HOUSE_OVERSIGHT' Bates stamp, indicating it was part of a document production for a congressional investigation.
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The text discusses the failure of Keynes's prediction regarding shorter working hours, citing David Graeber's concept of "bullshit jobs" arising despite automation. It explores the societal challenges of technological unemployment, comparing current times to the Industrial Revolution, and considers solutions like universal basic income or wealth redistribution to creative fields. The author then transitions to discussing the potential loss of scientific understanding due to the increasing reliance on AI and massive data analysis.
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