umair haque

To what degree can the “broken economy” be due to tech, writ large? Let me explain:

The nature of technology from an economic viewpoint, the thing that makes it “valuable” is that it is a substitution of capital for human effort and that it scales. The upshot of this effect is less work for most folks, and exponentially greater returns to those with capital deployed to replace the work of those very same folks.

Yes, there are also morally corrupt oligarchs whose wealth is literally stolen from their respective countries. However, the scale of their thievery is a mere fraction of the changes being wrought by scalable, labor-replacing tech.

To me, the critical role of government, and society at large, is to buffer the effects of these changes on the people. But make no mistake — these changes are coming ever faster.