Angry Economist

@angryeconomist
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220 Posts
Modern economics is full of charlatans supporting destruction and obliteration. We must rethink economics
The core problem in modern economics is the fight to maintain the value of money versus the dubious valuations given to artificial or virtual things. Are these companies truly worth more than the Earth's mineral resources? πŸ€”
5/5: Eventually, these societies begin to cooperate for needs beyond the bare necessities, marking a significant transformation in their social dynamics and economic complexity. This cyclical theory remains relevant today in understanding societal evolution. πŸ”„βœ¨
4/5: However, as conditions improve & they amass greater wealth, priorities shift. Khaldun observed, "Subsequent improvement of their conditions and acquisition of more wealth and comfort than they need, cause them to rest and take it easy." πŸ›‹οΈ
3/5: The transition begins with a bedouin or desert-dwelling lifestyle focused on meeting basic needs. These communities rely on agriculture & animal husbandry, facing constraints imposed by their environment. 🌾πŸͺ
2/5: As societies accumulate wealth, they evolve beyond mere subsistence. More intricate social structures & economies emerge. This evolution can be seen in the expansion of agrarian societies in North America & the rapid urbanization of Gulf nations post-oil discovery. πŸ’°πŸ™οΈ
1/5: Ibn Khaldun, the 14th-century polymath, observed a profound & cyclical transformation in human societies. He detailed their progression from simple agrarian or nomadic beginnings to complex, urbanized civilizations. This pattern is evident across many cultures. 🌍
7/7: As the AI landscape continues to evolve, companies may need to reassess their integration strategies to avoid disillusionment. The journey towards harnessing AI's true value may not be as simple as once thought. πŸ›€οΈ
An MIT report has raised flags about AI investments, revealing that 95% of organizations see "zero return." Only 5% of AI pilots yield significant financial impact, calling into question the belief in easy profits from AI technology. πŸ“Š
5/7: This honesty is uncommon among senior executives, yet Altman maintains faith in AI's vast potential. Nevertheless, even he hints at the possibility of overhyped expectations, revealing a more cautious outlook on the industry's future. 🌐
4/7: OpenAI's Sam Altman voiced concerns recently, suggesting that the ongoing hype might resemble a bubble. "Are investors overexcited? My opinion is yes," he stated, acknowledging the potential for significant investor losses. πŸ’”