But isn’t the investment still driven by consumption in the end? They invest in what makes money, but in the end things people are willing to spend money on make money.
Comment on Sam Altman Says If Jobs Gets Wiped Out, Maybe They Weren’t Even “Real Work” to Start With
sobchak@programming.dev 2 days ago
The problem is the capitalist investor class, by and large, determines what work will be done, what kinds of jobs there will be, and who will work those jobs. They are becoming increasingly out of touch with reality as their wealth and power grows and seem to be trying to mold the world into something, somewhere along the lines of what Curtis Yarven advocates for, that most people would consider very dystopian.
This discussion is also ignoring the fact that currently, 95% of AI projects fail, and studies show that LLM use hurts the productivity of programmers. But yeah, there will almost surely be breakthroughs in the future that will produce more useful AI tech; nobody knows what the timeline for that is though.
lemmeLurk@lemmy.zip 2 days ago
Ogy@lemmy.world 2 days ago
You’d think so, but unfortunately not. Venture captial is completely illogical, designed around boom or bust “moonshot” ideas that are supposed to completely change everything. So this money isn’t driven by actual consumption, rather speculation. I can’t really speak to other forms of investment but I suspect it doesn’t get a whole lot better. The economy has become far too financialised with a fiat currency that is completely separate from actual intrinsic value. That’s why a watch can cost more than a family home, which isn’t true consumption - just this weird concept of “wealth”
sobchak@programming.dev 2 days ago
They invest in things they think they will be able to sell later for a higher price. Expected consumption is sometimes part of their calculations. But, they are increasingly not in touch with reality (see blockchain, metaverse, Tesla, etc). Sometimes they knowingly take a loss to gain power over the masses (Twitter, Washington Post). They are also powerful enough to induce consumption (bribe governments for contracts, laws, bailouts, and regulations that ensure their investments will be fruitful). They are powerful enough to heavily influence which politicians will get elected, choosing who they want to bribe. They are powerful enough to force the businesses they are invested in to buy/sell to each other. The largest, most profitable companies, produce nearly nothing, they use their positions of being near-monopolies to extract rent (i.e. enshittification/technofeudalism).
Tollana1234567@lemmy.today 2 days ago
its also hurting students currently HS and college too, they are learning less than before.