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"this seems like a massive, energy intensive exercise in redundancy" This is commonly refered to as a market working as intended. Yes, the waste from this type
by PeterStuer 3y ago
"this seems like a massive, energy intensive exercise in redundancy"
This is commonly refered to as a market working as intended. Yes, the waste from this type of redundency can be massive, especially if you realize that ultimately just a tiny percentage of these efforts will result in even moderate success. But it is the price to pay at the edge of progress. A planned monopoly might be more efficient (despite popular banter that just compares a megacorp or a gov, which is basically the same, to a single succesfull startup ignoring the 999 that tried and failed), but those seldom beat a market on innovation.
- londons_explore 3y agoThere is a middle ground.... Still have many teams trying to achieve the goal, but prevent corporate secrecy - effectively allowing competitors to look over each others shoulders and copy good data and ideas. Such a system probably wants to compensate those whose ideas were copied, but that isn't strictly necessary - another approach is to simply make it illegal not to share data/results. Your compensation is your freedom from prison.
- polygamous_bat 3y ago> This is commonly refered to as a market working as intended. Is it? Seems like market is unable to separate wheat from the chaff and is just throwing money around hoping to hit the jackpot. While AI has massive chance of affecting our lives, the investment market paints a pretty similar picture to what happened during the crypto boom.
- PeterStuer 3y agoOur inability to predict future success from failiure is exactly why we have (massively inefficient) markets outcompeting centralized planned approaches.
- manquer 3y agois it any different from evolution?