Antiwork/Work Reform

You do realize that we have roughly 3-4 millenias of technological advancements, before we even invented early capitalist theory? The vast majority of human history contradicts your statement.

Capitalism is exceptionally good at short term efficiency, because it's profits driven and and as long there's someone else to compete for profits there's technological advancement. But capitalism is also all consuming and once it's killed off all its competitors and profits are guaranteed the efficiency of technological advancements stops. Xerox is a great example, they invented a lot of modern things we use today like the foundation of the personal computer, GUI, computer mouse and desktop computing. But they invented those things at the height of their success and because of it did almost nothing with it. They just didn't need to because they were already making loads of money. Those ideas were instead taken by Microsoft and Apple and they found immense success in it. Had Xerox also killed all the competition then the world we know today wouldn't exist because there wouldn't be any need for tech to advance here. The efficiency capitalism gives comes from a purely external source, it's to beat the competition for profits. Once competition dies out so does the efficiency. Long term capitalism is not more efficient than any other economic system where the efficiency is derived from an internal source, such as the desire to do less work.

And while we're on the topic of efficiency, the efficiency of capitalism is not necessarily a good thing. Do you know what is efficient? Working from the moment you wake up until the moment you have to sleep. That is what capitalism, at its core, wants. But I doubt it's something you want. In fact we collectively have decided it's not what we want because we have laws that exist solely to limit capitalism. The fact that you have time to comment here is inherently anti-capitalist, because capitalism wants that time spent on making a profit.

All you're saying is that you cannot comprehend a world without capitalism. Let me give you a quick hypothetical that you can hopefully relate to. Imagine you could do something about your work that makes your work easier and also take less time, but the wage your being paid doesn't change. Would you do it? I'm sure you would because even if you don't get more money out of it you get more energy (as less is spent on work) and more free time to spend that energy. There are other ways to motivate technological advancement than just pricing, primary being the desire to do as little work as possible. It's actually superior to pricing because it's not externally driven. If you're able to assert a dominant market position you no longer need to innovate because you're going to make a profit anyway. But unless we're in full automation (where you never have to work again) there's always motivation to innovate to do less work.

And now the other part of this hypothetical. Assuming there is something that could be changed to make your work easier and take less time, could you actually change that? You brought up how other forms aren't as efficient as they require microscopic management and preplanning with competent leaders. But if you're a worker in a capitalist company the change you would want to make gets bogged down by those same things. A competent leader might implement your change, but for them to even hear your suggestion you have to get through all the levels of management. Now, imagine if you worked in a company where you and your co-workers can decide together that this is a great idea. Compared to a capitalistic company would you consider that slower or faster, and do you think it would be more likely or less likely your innovation gets implemented?

On review, you're right, but I do think there is a notable ambiguity regarding whatever Smith's trying to describe with his "invisible hand" concept, which is more of what I was referring to than any sort of magic. An ambiguity which, I think it may be fair to say, is among those misquotings and employed as an argument to defend deregulation and unregulated capitalism.

I'd have to do some further reading to get a better sense of what Smith may have been trying to say with that idea, but at least at a glance it seems I'm not alone in finding it questionable. At best it appears to be the notion of incidental good produced from self-interested endeavors in circumstances of good governance, and to which I think you raise a good point in Smith's articulation of what prudent governance might look like, e.g.

The interest of the dealers, however, in any particular branch of trade or manufactures, is always in some respects different from, and even opposite to, that of the public. To widen the market, and to narrow the competition, is always the interest of the dealers. To widen the market may frequently be agreeable enough to the interest of the public; but to narrow the competition must always be against it, and can only serve to enable the dealers, by raising their profits above what they naturally would be, to levy, for their own benefit, an absurd tax upon the rest of their fellow-citizens. The proposal of any new law or regulation of commerce which comes from this order [of employers/dealers that live by profit], ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it.

Wealth of Nations by Adam Smith, emphases & bracketed insertion mine for clarity, drawn from earlier portions of the paragraph. Ctrl+F and search this section to verify if concerned.