While China sees AI as another tool for controlling its populace, the United States is rushing to create AI that will give it global economic dominance.
Yeah practical applications with tangible material results is the way to apply this tech. Amusingly, we’re basically seeing a case study of what happens when markets go against central planning here.
I was going to write “random distribution of investor money” but it’s not really is it. It’s distribution of investor money to the most pie in the sky projects, the projects that lie the hardest, the projects that capture the most investor imagination.
Boring projects that might be more practical get left by the side of the road. They’re the engineer-ey and technical things. They’re not exciting. They don’t offer 10,000,000x return potential in a giant investment bubble that will inevitably burst.
The market distributes resource to whatever convinces investors of returns the hardest. This however does not mean realistic, and when that occurs bubbles form and cause chaos when they explode.
Exactly, the thing most people don’t realize is that the success of the modern capitalist system was a historical accident. The US basically got to sit out the second world war and build up their industries while the rest of the world burned. When the war ended, the US emerged as the biggest economy and they’ve been riding that ever since. But if the system actually worked as advertised, then the US would only be getting stronger over time, and the exact opposite is happening in practice. So, clearly the system itself is not responsible for the success that’s ascribed to it.
Yeah practical applications with tangible material results is the way to apply this tech. Amusingly, we’re basically seeing a case study of what happens when markets go against central planning here.
I was going to write “random distribution of investor money” but it’s not really is it. It’s distribution of investor money to the most pie in the sky projects, the projects that lie the hardest, the projects that capture the most investor imagination.
Boring projects that might be more practical get left by the side of the road. They’re the engineer-ey and technical things. They’re not exciting. They don’t offer 10,000,000x return potential in a giant investment bubble that will inevitably burst.
The market distributes resource to whatever convinces investors of returns the hardest. This however does not mean realistic, and when that occurs bubbles form and cause chaos when they explode.
And there are other issues as well such as having a long term commitment to developing something where there’s no immediate profit to be had.
Right. The whole system favours economic wunderwaffe.
It will fail for the same reason a system that favoured wunderwaffe over fundamentals of production failed the nazis.
Exactly, the thing most people don’t realize is that the success of the modern capitalist system was a historical accident. The US basically got to sit out the second world war and build up their industries while the rest of the world burned. When the war ended, the US emerged as the biggest economy and they’ve been riding that ever since. But if the system actually worked as advertised, then the US would only be getting stronger over time, and the exact opposite is happening in practice. So, clearly the system itself is not responsible for the success that’s ascribed to it.