The (real) dead economy theory
8 hours ago
- #tech speculation
- #economy
- #AI critique
- Elon Musk's net worth increased from $20 billion to $1 trillion since 2020, but his ventures post-2020, like Starship, robotaxis, Cybertrucks, and X (formerly Twitter), are described as commercial flops.
- John Quiggin argues that financial markets are failing to value assets accurately, noting that institutions like Goldman Sachs have embraced cryptocurrencies and speculative investments over productive activities.
- The article critiques AI investment, suggesting that instead of funding useful cancer research, money is diverted to data centers and AI hype, prioritizing 'vibes' over real value.
- A 'dead economy' risk is highlighted: capital shifts from productive labor to memestocks, vibes, and bubbles, rather than AI replacing jobs, with examples of AI chatbots replacing workers inefficiently.
- The text includes sections like 'Hey look at this' with links to articles on tech issues, 'Object permanence' with historical tech and culture events, and 'Upcoming appearances' listing author events and book releases.