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I would agree with your statement to a point, but i would like to add something. vast area's of the service economy are very useful and actually do provide val
by kazen44 5y ago
I would agree with your statement to a point, but i would like to add something.
vast area's of the service economy are very useful and actually do provide value. But the financing of the economy in modern times is totally out of whack, resulting in firms focusing on financial engineering to extract profit instead of providing goods/services to society.
Things like hedge funds, vast consultancy companies who prop up these measures are also the ones extracting vasts amounts of wealth from the productive side of the economy without contributing anything besides driving up costs and increasing inefficiency.
- Ekaros 5y agoAnd I think tech should share fair share of the blame. How much value does all the advertising bring to society? Ofc, there is some needed, but could it be that we are vastly beyond that point. And then we have the platforms like gig economy, that aim to extract vast cuts of any activity they are in. At least compared to true value they provide.
- kazen44 5y agothe gig economy is even weirder when you think about it. Uber has not been very successful (in my country) because it doesn't provide anything over the normal taxi services besides an application (that already existed in some form before they entered the market). Uber can however, undercut normal taxi's because it has vast sums of cheap money available. This is thanks to financial engineering. Thus it is able to undercut the local economy without providing anything of value. While it is not happening in this example, Uber could easily destroy parts of the economy because it can undercut the local economy. (Amazon famously tries to do this in a lot of countries aswell).