3 ms·
It's sad to see how much of society's time and resources goes towards investment banking and the mindset that comes from it...
by danielrpa 11y ago
It's sad to see how much of society's time and resources goes towards investment banking and the mindset that comes from it...
- melling 11y agoCould you elaborate? Are you talking about the number of people? I feel like some other low-tech jobs, like truck driving or cleaning people, are more wasteful. Say, for example, that the 3.5 million truck drivers become automated out of a job then they work in finance, technology, etc., wouldn't society be better off? Consider, for instance, that a company like Renaissance Technologies has over 100 PhD's in physics and math. https://en.m.wikipedia.org/wiki/Renaissance_Technologies https://en.m.wikipedia.org/wiki/Renaissance_Technologies
- notNow 11y agoSay, for example, that the 3.5 million truck drivers become automated out of a job then they work in finance, technology, etc., wouldn't society be better off? Is this even attainable? Is a high-tech driven economy even a mass employer? The primary (agrarian), secondary(industrial), ternary (services) sectors and economies served well the humanity over the past centuries esp accommodating and absorbing the exponential growth in population during the 20th century and onward but will the nascent knowledge based (quaternary) economy be able to keep it going or more than 6 bln humans have to suffer greatly to earn just to survive and have a sustenance level of income? I have my deep doubts about this prospect and I believe that at least that having a knowledge based economy doesn't need all this amount of people on Earth to advance and that the transition from a consumerist led mass market to a non consumerist small one is going to be very painful if we haven't addressed the structural problems in the global economy esp. income inequality and wealth hoarding by the 1%.