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You misunderstood. All geohot is saying is the same thing Scott Galloway constantly says - your job is to create surplus value. Provide more value than you take, over your lifetime, not over any specific one period, either.

The argument is that if you do that, returns will naturally come your way.

The issue is that many people never provide surplus value at all; some can't, and that is obviously completely acceptable (people who are disabled, have medical conditions, or who for some other reason cannot). But those who are able and choose not to provide surplus value are who he's talking about.

You may not agree, and that's okay, but that's the argument.

by zelphirkalt3 hours ago|

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I wish that argument was trivially true. Yet we see tons of disadvantaged people working the real tough jobs helping the elderly or sick and they are getting precious little in return.

And to a lesser degree, I have been doing nothing but providing value. All my projects are free/libre, yet returns have not come my way at all. In fact people who could make returns come my way, for example by offering me a job that I am clearly well suited for, refuse to take a look at these projects.

Perhaps the argument is also about non-financial returns, and things like friendships, but I don't feel especially well connected either, even though I try to help anyone I can help in the areas I am active in.

I don't think the argument matches reality, unfortunately.

by zozbot2342 hours ago|

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The "real tough jobs" pay little because the marginal job of that kind does not really create that much value. That in turn happens because the most disadvantaged tend to crowd into these jobs, to the neglect of other, more value-creating activities - yet another issue that might be handily addressed by UBI.

by samiv1 hours ago|

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Yet these were the "essential workers" during the pandemic. Not the VCs, not the hedge fund managers, not the industrialists or bankers or rich housewives.

And all they got for their efforts were applauds.

Reality is that without their work all our societies would have failed and fallen.

Almost any common folks agrees that for example nurses aren't paid enough.

The real issue is that our "valuation" scheme is controlled by the wealthy not by the people and the only metric is what makes the rich richer.

by zelphirkalt2 hours ago|

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Phew, I am having a real hard time agreeing with you there. I mean, just imagine what would happen, if those social and tough jobs were not performed by people dedicated specifically to doing those jobs. Then we would all have to take care of our family's elderly and that can easily turn into a full time job itself. Let just one relative have Alzheimers or they for some reason cannot move any longer, or even less drastic conditions, that still require you to watch over them, and you will have all hands full taking care of them. This is the reason, why in many societies we decided to outsource this to people whose sole job it is to take care of other people.

Or take nurses for example. You really think they provide low value? Tell me more, when you are seeing a hospital from the inside at some point. Yet they are not paid much.

by zozbot2342 hours ago|

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That's why I stated that the marginal job is what sets the reward. We actually have a lot more people wanting to do these jobs than we reasonably have a use for. Your mention of hospital nursing is actually a case in point: actual Registered Nurses are quite scarce, often do highly valuable, specialized work, and get paid a lot.

by JSR_FDED4 hours ago|

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That's not what he's saying. At a company level he's saying that if they make more profit than they add value they have an indefensible business model and will eventually lose to bigger players.

At a personal level you can live your life similarly, add value where you can. You can do that by joining an organization that adds value as well.

by nine_k4 hours ago|

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People volunteer e.g. playing games for free, spending considerable time and effort. The point is that the process is enjoyable by itself.

When it starts to feel like work, it starts to feel like needing wages for it.