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It's a fundamental problem with corporate accounting. In the real world externalities have real effects, whether they're ecological costs or business losses cr
by TheOtherHobbes 5y ago
It's a fundamental problem with corporate accounting.
In the real world externalities have real effects, whether they're ecological costs or business losses created by monopolistic growth.
That's not even counting second order effects like loss of experimentation and fundamental research - not packaging existing tech, but inventing completely new and unimagined classes of tech through (ideally) genius math, but next best is original blue sky research.
On Wall St externalities are ignored. The show only continues because it's fundamentally and polemically about denying reality in favour of an entirely imaginary world of financial story-telling.
- netcan 5y agoSure, but i'm not even talking about externalities or 2nd order effects. I'm talking about first order effects. Google, FB, JPM, etc. achieve 350% growth over 5 years. OK. Does that mean they produce 350% as much utility? If these were Tesla, we'd also count the number of cars and the conversation would be a lot more grounded. We'd quickly realize that the market values Tesla's future in a certain way, Ford's another. We wouldn't accidentally conclude that the economy is suddenly making way more cars. What is it that the economy is doing more of?
- sotruesotrue 5y agoFor a start your Amazing American services have expanded globally; Amazon now takes a cut on (make up a very massive number) of transactions all over the world. Yesterday I had an Amazon delivery, my wife had an Amazon delivery, our next door neighbours had an Amazon delivery. I ordered Amazon fresh when I woke up for some groceries I forgot about; and they were delivered two hours later. I am lucky to get a delivery slot in a weeks time from most locally created services. So American business is really thriving, it is just America itself that is in a hopeless mess.