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Arthur's avatar

This post reminded of an old Karl Smith post about the choices poor people have and make:

http://modeledbehavior.com/...

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Overcoming Bias Commenter's avatar

Note that the modern critique of the Iron Law of Wages ignores that the ground truth of the so-called “demographic transition” is nothing more than replacement of the earlier developing populations by the later developing populations. This is because — in the context of the open borders/global labor arbitrage theocracy combined with birth control technology — the definition of “subsistence wages” no longer includes the high cost of child rearing in more developed nations. The demographic collapse of earlier developing populations is not having the upward pressure on wages among those populations that modern economists predict.

Modern economic theory is genocide.

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