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by minimuffins 1989 days ago
> Everybody is an entrepreneur. If you have nothing, you sell your body and work hours. But that's just a contract like every other contract.

This is a fake world. In the real world there is history, capital and labor, and politics which is an expression of the unavoidable, built-in antagonism between the two. We don't all own an equal share of the means of production and just sit around issuing contracts to each other all day.

Do you understand that the econ 101 libertarian world of homo economicus rational agents is fake and we live instead in the real world with its institutions and conflicts?

1 comments

Capital and labor is a fake distinction. Your body/capability to work is capital.
Your body/capability to work is labor.

Property that you can use to produce value beyond itself through workers' labor is capital.

Again, it is a fake distinction.

Suppose you had a robot. Would that robot be labor or capital? Assume the robot has the same capability for work as you.

At the end of the day it is a machine, so "capital". Likewise you own your body, it is your capital.

Great news! I can't wait to hire workers to start using my body to produce valuable commodities which I can then sell for a profit!