As it happens,

this was a central claim of Marxism, that the owners of the means of production – the bourgeoisie – would inevitably steal all societal wealth from the people who do the actual work – the proletariat. This is another fallacy that simply will not die no matter how often it’s disproved by reality. But let’s drive a stake through its hea... See more

The Lump Of

Labor Fallacy flows naturally from naive intuition, but naive intuition here is wrong. When technology is applied to production, we get productivity growth – an increase in output generated by a reduction in inputs. The result is lower prices for goods and services. As prices for goods and services fall, we pay less for them, meaning tha... See more