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Berobero | 4 years ago

The "economy" is not just what is captured in formally taxable income. Large swaths of the economy is composed by absolutely essential reproductive labor that receives no direct monetary compensation. Conversely, the existence monetary income doesn't necessitate that economically meaningful or necessary labor is being performed, just that it is being compensated for in a formal manner.

Then, of course, there's unearned income -- very much so related to the topic of "stock ownership" that started this thread -- which, by definition, is acquired not through any meaningful contribution of labor to the "economy", but instead as a reward for the incidental private claim to profits our economic system happens to allow to people.

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