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Alexa, Amazon the Job Killer, Artificial Intelligence (AI) & 31 Million Jobs Destroyed, Competitors’ Job Destruction, Delivery Jobs Destruction, Dr. Jack Rasmus, income subsidization of Corporate America, The McKinsey Consultants Group 2018 Study, Warehouse Automation
By Dr. Jack Rasmus
Copyright 2018
“Prominent in the news this past week was the report that Amazon and its CEO, Jeff Bezos, reached record levels of market valuation and wealth. Amazon is now worth more than $1 trillion and Bezos’s personal wealth stands at $165 billion. This of course is largely due to the stock price appreciation of the company, as investors in the US and worldwide pile into purchasing Amazon stock and thereby drive up its stock price, its market valuation and, in turn, Bezos’s share of that in terms of his own net worth.
Why so much investment money is surging into Amazon—and other tech company stocks like Google, Apple, and others—is a story in itself but left here for another analysis. Briefly, it has to do with the investor class’s accelerating capital gains from the $1 trillion a year distribution to them from Corporate America’s stock…
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I’m boycotting Amazon. Jeff Bezos won’t get another cent out of me!
As long as the economy is driven by the profit margin and competition, the labour force participation rate must fall. I read ‘Amazon’ as a metonym for ‘capitalism.’