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>> If we're extrapolating, this is just saying growing market means growing jobs? I don't know why this is disturbing or perverse. Except it doesn't mean a gro
by cryptica 7y ago
>> If we're extrapolating, this is just saying growing market means growing jobs? I don't know why this is disturbing or perverse.
Except it doesn't mean a growing market at all, it means increased concentration of wealth and power in the hands of a few manipulative zero-sum game mega-corps. Where economists are wrong is that the S&P500 index has become a terrible way to measure economic growth. It mostly measures economic concentration.
Also, by manipulating the market for software engineering talent, megacorps are holding the entire industry hostage. These megacorps don't need so many employees, they only hire them because they can afford it and it allows them to maintain dominance; these are smart people and their skills are basically wasted and their minds atrophy in the midst of mind-numbing bureaucracy.
That's why big tech companies have so much power over politics; through market manipulation (through media influence and job market manipulation), they've created an economic fiction of fast growth and success and they're holding it for ransom over politicians' heads. The politicians have to choose between helping them to perpetuate the fiction or to be blamed for a market crash.