alt Hacker NewsThe ultra wealthy will out compete you for the resources you need if we don’t start taxing them has been a discussion from the left for quite some time. It seems to keep coming true in new and disastrous ways, we are going to see more and more extreme concentrations of capital and power distort things and pretty soon it won’t just be middle and poor people who cannot afford anything, the whole value chain is being redesigned around things billionaires want and what could be better for them than agents who replace all the white collar workers. You might think you’re safe from this, I don’t.
It’s worth remembering that during the industrial revolution in Britain, the fastest growing country the world had ever seen, most people were in abject poverty. This tech revolution might end up being worse.
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Due to said industrial revolution, people's quality of life went up a thousandfold, same as in China and other countries now adopting capitalist principles.
I would argue that it is rent-seeking and asset accumulation that is a big problem. If the wealthy elite invested in production rather than consuming assets that would improve things. I don't share his politics but someone like Elon Musk at least invests in production whereas Blackrock is heavily into asset accumulation.
However, part of the problem of why the wealthy elite don't invest in production is because of the Petro-dollar. When the USA moved to the Petro-dollar that is when the economy started to go K-shaped. The British Empire had the same problem. The Chinese absolutely do NOT want to become the World's reserve currency as they know the same fate will befall them. Perhaps the USA should have listened to Keynes with his Bancor currency after all.
Instead of just rejecting the future like a Roman fatalist because you've decided that it's just going to be someone else controlling you, maybe a better plan is to adopt emerging technology when it comes into play (like for example when the Internet came into play) and use it to start your own company, or make yourself more productive, or disrupt an industry that desperately needs it.
I shouldn't have to explain the benefits of productivity improvements and computer technology to people on Hacker News, but the place for some reason has been hijacked by neo luddites from Reddit that apparently have nothing better to do than troll about AI on a web site that is literally dedicated to an industry they don't like. Sam Altman literally used to run Y Combinator. Why not use that energy you're wasting to adopt emerging technology instead of bashing it?
There are places that recognized manufacturing was going to go away, transitioned a service economy, and did well economically, and places that ignored reality and are now in disrepair. Now's a great time to decide if you want to be Seattle or Cleveland. Don't fight the future. And don't think it's a billionaires fault when certain places are more successful then others because they didn't ban AI and datacenters while other places squandered the opportunity because they didn't confront the pitchfork mob driven into a frenzy by yellow journalism.
Yup. This is a policy problem.