So then all the productivity improvements are nothing more than boosting the hashrate of your crypto miner? You have to do it to not fall behind, but once everyone has done it, we all end up back in the same spot where we started?
Unironically, yes. One saving grace is in some ways, such as medicine and technology, more will be available to you, but not for less effort.
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Normal people, yes. The oligarchic class gets more and more bloated as you can plainly see.