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Jul. 6th, 2018 04:51 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
timeletsRay Dalio, one of the best minds in the finance business:
The problem with the current administration is not that it's just politically divisive or incompetent or short-term oriented or cruel. Rather, it's oblivious to existential threats posed by technological and demographic changes.
My view is that algorithmic/automated decision making is a two edged sword that is improving total productivity but is also eliminating jobs, leading to big wealth and opportunity gaps and populism, and creating a national emergency.
...
Productivity is good for everyone. Unfortunately, it’s not available to everyone. That has to change Unfortunately, it is more likely that nothing along these lines will be done and, in the next economic downturn, the haves and have nots will be at each other’s’ throats, fighting over income redistributions rather than working together to make plans to make most people productive. For that reason, I’m worried about the health of capitalism and democracy.
The problem with the current administration is not that it's just politically divisive or incompetent or short-term oriented or cruel. Rather, it's oblivious to existential threats posed by technological and demographic changes.
