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What PG describes is an economic philosophy where “tech” is used to create fortunes that rivals the oil and real estate magnates of yester year. In the past, gr
by rawgabbit 2y ago
What PG describes is an economic philosophy where “tech” is used to create fortunes that rivals the oil and real estate magnates of yester year. In the past, great wealth was gained from extracting resources from the earth. Now “tech” extracts great wealth … through Ad Technology (Google) and online shopping (Amazon) and monopolistic business practices (Microsoft) and relentless hype in the AI magical money machine (Nvidia). The dismissive attitude towards employees remains the same. If they could replace all employees with AI or H1B, they wouldn’t hesitate for a second. The only tech today I see that has increased productivity is AWS movement of automation to the cloud and limited applications of LLM to remove some white collar drudgery. At least the oil fortunes of the past provided the fuel that powered the machines that powered our economy. “Tech” imo is mostly hype and a ponzi scheme to get more suckers to invest in shitcoin.