https://archive.is/NvSXc
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Also, shocking to see no mention of the investment thesis, let alone critique of it.
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Also, shocking to see no mention of the investment thesis, let alone critique of it.
What do you mean by the "investment thesis"? Would you clarify?
Think of the promise of AGI as a promise of billions of tireless immigrants with PhDs who outcompete the other ethnicities in the labor market. It's the same reason people stopped investing in Detroit-based things years ahead of the industry pullout.
That seems unlikely. What is the point of an economy if there is no one who is actually able to consume?
I don't agree with the thesis, but that is what the thesis is.
Of course, this all implies that the rest of us will just sit and starve quietly. Somehow I don't think that's likely.
Long-term, it usually fails because the elites become too greedy and too complacent because they haven't seen what a large scale riot looks like, and try to squeeze too much. Then things blow up somewhere and there's a mad scramble to prevent it elsewhere by making concessions (witness all the improvements in labor rights in the West after the Russian revolution).
The only saving grace of this administration's cruelty is its stupidity. It wants to rule like Rome over slaves, but didn't learn how the rulers kept the populace from uprising and rebelling.
A point for the economy.
The mechanics of trade.
Or the objective outcomes vs subjective goals.
It is entirely possible for an economy to land up in an equilibrium point that works for a small set of people and not for the majority.
The point of the economy is a subjective societal thing, achieved via laws, regulation and enforcement of those rules.
For most of us its just gas or breaks, but those at the top have non economic goals. The economic indicators are looking positive because progress is being made towards those goals, but the gloom persists because most of us don't want the outcomes that were progressing towards.
We're in a car that we can't steer, and the economist article says everything is fine because look how high the number on the speedometer is.