This world where everybody’s very concerned with that “refined form” is annoying and exhausting. It causes discussions to become about speculative guesses about everybody else’s beliefs, not actual facts. In the end it breeds cynicism as “well yes, the belief is wrong, but everybody is stupid and believes it anyway,” becomes a stop-gap argument.
I don’t know how to get away from it because ultimately coordination depends on understanding what everybody believes, but I wish it would go away.
IMO this is a symptom of the falling rate of profit, especially in the developed world. If truly productivity enhancing investment is effectively dead (or, equivalently, there is so much paper wealth chasing a withering set of profitable opportunities for investment), then capital's only game is to chase high valuations backed by future profits, which means playing the Keynesian beauty contest for keeps. This in turn means you must make ever-escalating claims of future profitability. Now, here we are in a world where multiple brand name entrepreneurs are essentially saying that they are building the last investable technology ever, and getting people to believe it because the alternative is to earn less than inflation on Procter and Gamble stock and never getting to retire.
If outsiders could plausibly invest in China, some of this pressure could be dissipated for a while, but ultimately we need to order society on some basis that incentivizes dealing with practical problems instead of pushing paper around.
>If truly productivity enhancing investment is effectively dead (or, equivalently, there is so much paper wealth chasing a withering set of profitable opportunities for investment), then capital's only game is to chase high valuations backed by future profits, which means playing the Keynesian beauty contest for keeps.
What if profit is dead because wealth is all concentrating in people who don't need it from a marginal consumption standpoint, which means asset prices blow up because everyone rich believes that they need to "invest" that money somewhere... but demand shrivels outside of interestingly-subsidized areas like healthcare because nobody else is making enough to even keep up with the asset price rises?
And without demand, where would innovation come from?
"in people who don't need it from a marginal consumption standpoint".
We need the rich to spend more money. There are plenty of cool ways to do this. Build a mile high pyramid on a Nevadan playa, a canal to the Sea of Cortez to re-flood the Salton Sea, humans on other planets, new city states a la Praxis, interstellar probes, etc.
Some billionaires are doing some of these things. Hope more do in the future.
If you accept that the economy can be in disequilibrium, then it is very easy to see how this happens.
Rich people learn a habit that makes them consume less than their investment returns. The difference is reinvested, resulting in a net increase of their equity. Even if you say they spend 90% of their returns on consumption, the last 10% still grow in absolute terms. Since returns are paid proportionally based on the quantity of equity, you can clearly see that money is allocated from where it has high marginal utility to places where it has low marginal utility.
Of course this leads to a contradiction. If money is held by people who have a low marginal utility for consumption, why would investments pay high returns? Your equity is the latent demand that your investments need to pay you the returns in the first place. You'd increasingly be paying yourself. That is equivalent to investing into something that yields a 0% return which in turn is equivalent to doing nothing.
Perhaps I’m misunderstanding but a lot of people (ok, well, a few, but you know) make a lot of money on relatively mundane stuff. Technocapitalism’s Accursed Share is sacrificing wealth for myth making about its own future.
In a post-industrial economy there are no more economic problems, only liabilities. Surplus is felt as threat, especially when it's surplus human labor.
In today's economy disease and prison camps are increasingly profitable.
How do you think the investor portfolios that hold stocks in deathcare and privatized prison labor camps can further Accelerate their returns?
Online influencers, podcasters, advertisers, social media product managers, political lobbyists, cryptocurrency protocol programmers, digital/NFT artists, most of the media production industry, those people w/ leaf blowers moving dust around, political commentators (e.g. fox & friends), super PACs, most NGOs, "professional" sports, various 3 letter agencies & their associated online "influence" campaigns, think tanks about machine consciousness, autonomous weapon manufacturers, & so on. Just a few off the top of my head but anything to do w/ shuffling numbers in databases is in that category as well. I haven't read "Bullshit Jobs" yet but it's on the list & I'll get to it eventually so I'm sure I can come up w/ a few more after reading it.
It's curious that you only list digital/NFT artists, and fail to see the problems that many of these solve.
In a world re-calibrated to pure problem-solving, presumably we'd ask a mime or other non-digital artist for news on what our government is doing (instead of the Fake News Media), and then an interpretive dancer, not a lobbyist, would intermediate between government and industry? The trombone players would investigate financial crimes, the bassists would monitor our airspace, and the guy currently painting a mural on a wall would be responsible for DoorDashing a cargo ship's worth of food and supplies to a disaster zone (not the bad NGOs)?
Yeah, this is just a list of jobs you don't understand and/or make you feel sad.
It's not just exhausting, it's a huge problem. Even if everyone is a complete saint all the time and has the best of intentions, going by beliefs about beliefs can trap us in situations where we're all unhappy.
The classic situation is the two lovers who both want to do what they think makes their partner happy, to the extent that they don't tell what they actually want, and end up doing something neither wants.
I think the goal of all sorts of cooperative planning should be to avoid such situations like the plague.
On the other hand talking about those believes can also lead to real changes. Slavery used to be seen widely a necessary evil, just like for instance war.
I don’t actually know a ton about the rhetoric around abolitionism. Are you saying they tried to convince people that everybody else thought slavery was evil? I guess I assumed they tried to convince people slavery was in-and-of-itself evil.
We really need a rule in politics which bans you (if you're an elected representative) from stating anything about the beliefs of the electorate without reference to a poll of the population of adequate size and quality.
Yes we'd have a lot of lawsuits about it, but it would hardly be a bad use of time to litigate whether a politicians statements about the electorate's beliefs are accurate.
The thing is... on both the cited occasions (Nixon in 1968, Morrison in 2019), the politicians claiming the average voter agreed with them actually won that election
So, obviously their claims were at least partially true – because if they'd completely misjudged the average voter, they wouldn't have won
When there are only two choices, and infinite issues, voters only have two choices: Vote for someone you don't agree with less, or vote for someone you quite hilariously imagine agrees with you.
EDIT: Not being cynical about voters. But about the centralization of parties, in number and operationally, as a steep barrier for voter choice.
Two options, not two choices. (Unless you have a proportional representation voting system like ireland, in which case you can vote for as many candidates as you like in descending order of preference)
Anyway, there’s a third option: spoil your vote. In the recent Irish presidential election, 13% of those polled afterwards said they spoiled their votes, due to a poor selection of candidates from which to choose.
That’s much more true for Nixon in 1968 than Morrison in 2019
Because the US has a “hard” two party system - third party candidates have very little hope, especially at the national level; voting for a third party is indistinguishable from staying home, as far as the outcome goes, with some rather occasional exceptions
But Australia is different - Australia has a “soft” two party system - two-and-a-half major parties (I say “and-a-half” because our centre-right is a semipermanent coalition of two parties, one representing rural/regional conservatives, the other more urban in its support base). But third parties and independents are a real political force in our parliament, and sometimes even determine the outcome of national elections
This is largely due to (1) we use what Americans call instant-runoff in our federal House of Representatives, and a variation on single-transferable vote in our federal Senate; (2) the parliamentary system-in which the executive is indirectly elected by the legislature-means the choice of executive is less of a simplistic binary, and coalition negotiations involving third party/independent legislators in the lower house can be decisive in determining that outcome in close elections; (3) twelve senators per a state, six elected at a time in an ordinary election, gives more opportunities for minor parties to get into our Senate - of course, 12 senators per a state is feasible when you only have six states (plus four more to represent our two self-governing territories), with 50 states it would produce 600 Senators
Currently minimum 4% of formal first preference votes, which gets you $3.499 per a first preference vote (indexed to inflation every six months)
Then you automatically get paid the first $12,791, and the rest of the funding is by reimbursement of substantiated election expenses.
This is per a candidate (lower house) or per a group (upper house). And this is just federal elections - state election funding is up to each state, but I believe the states have broadly similar funding systems.
Note the US also has public financing for presidential campaigns, which is available to minor parties once they get 5% or more of the vote. But in the 2024 election, Jill Stein (Green Party) came third on 0.56% of the popular vote. The only third party to ever qualify for general election public funding was the Reform Party due to Ross Perot getting 18.9% in the 1992 election and 8.4% in the 1996 election. There is also FEC funding for primary campaigns, and I believe that’s easier for third parties to access, but also less impactful.
And the Parliamentary Joint Committee on Intelligence and Security definitely gave the literal thousands of submissions due consultation before recommending the original, un-split bill pass.
Combined with the quirk in Australia’s preferential voting system that enable a government to form despite 65% of voters having voted 1 for something else.
As a result, Australia tends to end up with governments formed by the runner up, because no one party actually ‘won’ as such.
I can think of an exaggerated scenario though in which that sounds reasonable depending on the goal:
say preferences are 1 (low) to 5 (high).
suppose 65% of the population ranked candidate A at 5 and B at 4, and the other 35% ranked A at 1 and B at 5. the majority doesn't get their favorite choice, but they do get an outcome they're happy with, and the minority doesn't have a horrible outcome. Exaggerated, but I don't think situations like this are unrealistic.
Absolutely, of course there are secenarios where it can work well.
Where it fails is when one major party is saying: we will drive up energy prices with Net Zero ideology, make housing unaffordable, import foreigners at a ratio of 5 to 1 local births…
And that other party is offering the same to a higher degree.
There are other options. Pauline Hanson’s One Nation party is polling strongly. Let’s see if that results in actual votes.
South Australian state election coming up 21st March this year - I’m encouraging everyone I know who lives there to at least listen to Michelle Grattan podcast.
18.9% as recently as 1992. I predict we will have a similar viable third party showing sometime in the next few elections due to the radical shift in the party system that AI is causing as we speak. I really hope Yang Gang can rebuild itself and try again, maybe without #MATH.
"The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man" - George Bernard Shaw
In the US, there are tremendous structural barriers for third parties. They exist, it is just extremely difficult for them.
The centralization of power of each of the two dominant parties nationally at the expense of a more decentralized parties with strong state variability as in the past, makes it even more difficult for third parties to gain traction against all that coordination.
Perot had the best chance, but managed to blow it by bowing out and then back in.
I do think you are right, that times of great dissatisfaction are rare openings for third party candidates, if someone special enough appears. 2020 would have been a great election for that - but an inspiring third party candidate can't be manufactured on demand.
People have a choice between being rational and optimizing the alignment between the outcome and their preferences, or being irrational and doing something else, like not voting, spoiling their ballot, voting for a probabilistically infeasible candidate, voting "on principle", "sending a message", etc.
I don’t recall the circumstances under which Morrison ended up Prime Minister.
Like most Australians, I’m in denial any of that episode ever happened.
But, using the current circumstances as an example, Australia has a voting system that enables a party to form government even though 65% of voting Australia’s didn’t vote for that party as their first preference.
If the other party and some of the smaller parties could have got their shit together Australia could have a slightly different flavour of complete fucking disaster of a Government, rather than whatever the fuck Anthony Albanese thinks he’s trying to be.
Then there’s Susan Ley. The least preferred leader of the two major parties in a generation.
Hmm. Actually, I think the suggestion of a law puts this whole thing on bad footing where we need to draw an otherwise unnecessary line (to denote where this type of rhetoric should be legal). I suspect XorNot just put the line there because the idea that true statements should be illegal just seems silly.
Really it just ought to be a thing that we identify as a thought-terminating cliche. No laws needed, let’s just not fall for a lazy trick. Whether or not it is true that lots of people agreed, that isn’t a good argument that they are right.
The case of Nixon really brings that out. The “Silent Majority” was used to refer to people who didn’t protest the Vietnam War. Of course, in retrospect the Vietnam War was pretty bad. Arguing that it was secretly popular should have not been accepted as a substitute for an argument that it was good.
> We really need a rule in politics which bans you (if you're an elected representative) from stating anything about the beliefs of the electorate without reference to a poll of the population of adequate size and quality.
Except that assumes polls are a good and accurate way to learn the "beliefs of the electorate," which is not true. Not everyone takes polls, not every belief can be expressed in a multiple-choice form, little subtleties in phrasing and order can greatly bias the outcome of a poll, etc.
I don't think it's a good idea to require speech be filtered through such an expensive and imperfect technology.
err... how Bitcoin works, or how the speculative bubble around cryptocurrencies circa 2019-2021 worked?
Bitcoin is actually kind of useful for some niche use cases - namely illegal transactions, like buying drugs online (Silk Road, for example), and occasionally for international money transfers - my French father once paid an Argentinian architect in Bitcoin, because it was the easiest way to transfer the money due to details about money transfer between those countries which I am completely unaware of.
The Bitcoin bubble, like all bubbles since the Dutch tulip bubble in the 1600s, did follow a somewhat similar "well everyone things this thing is much more valuable than it is worth, if I buy some now the price will keep going on and I can dump it on some sucker" path, however.
> Bitcoin is actually kind of useful for some niche use cases - namely illegal transactions, like buying drugs online (Silk Road, for example),
For the record - the illegal transactions were thought to be advantaged by crypto like BTC because it was assumed to be impossible to trace the people engaged in the transaction, however the opposite is true, public blockchains register every transaction a given wallet has made, which has been used by Law Enforcement Agencies(LEA) to prosecute people (and made it easier in some cases).
> and occasionally for international money transfers - my French father once paid an Argentinian architect in Bitcoin, because it was the easiest way to transfer the money due to details about money transfer between those countries which I am completely unaware of.
There are remittance companies that deal in local currencies that tend to make this "easier" - crypto works for this WHEN you can exchange the crypto for the currencies you have and want, which is, in effect, the same.
Anonymity/untraceability was not the primary reason for using BTC towards black/grey markets. Bitcoin can be used pseudo anonymously , and the fact is you simply cannot send money to your grey market counterparty via any method but cash without it being flagged/canceled, and if you can't send cash (which has its own problems), bitcoin is the only option.
Mining rigs have a finite lifespan & the places that make them in large enough quantities will stop making new ones if a more profitable product line, e.g. AI accelerators, becomes available. I'm sure making mining rigs will remain profitable for a while longer but the memory shortages are making it obvious that most production capacity is now going towards AI data centers & if that trend continues then hashing capacity will continue diminishing b/c the electricity cost & hardware replenishment will outpace mining rewards.
Bitcoin was always a dead end. It might survive for a while longer but its demise is inevitable.
I don’t know how to get away from it because ultimately coordination depends on understanding what everybody believes, but I wish it would go away.