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0 sats \ 0 replies \ @Solomonsatoshi 11h \ on: economic disruption - do you think this time is different? AskSN
All these tech developments tend to increase our overall productivity and wealth.
But they also tend to concentrate wealth and increase inequality.
If you believe in a purist free market philosophy then the outlook would be much greater inequality even though overall wealth and prosperity increase.
Communism and Socialism tried to address this problem in the 19th century with the first industrial revolution...with mixed results.
The outcome was that a mixed economy with some government intervention but also free markets worked best.
Again with the post industrial economy of high tech it seems likely that a mixed economy approach might work best.
If there is no regulation and wealth redistribution then the tendency would again be for very concentrated wealth and power in the hands of the few who control the algorithms while the vast majority will be relatively disadvantaged.
Bitcoin is a fascinating exception to the rule by being a decentralised model where there is no owner, no central controller and where instead every participant is treated equally without fear or favour.
Bitcoin provides a glimpse of what might be possible, in contrast to the more dystopian future where private owners of algorithms (Uber, Facebook, Google, Microsoft, Amazon etc) increasingly control the masses and hold power equal to or greater than governments.