Yes of course life insurance and pension funds are going to buy this debt. This is the highest quality debt that's out there. If you don't want life insurance and pension funds to buy debt from big tech companies because you believe it's too risky, then you believe that bonds are just too risky in general.
Interstellar travel is probably not ever going to happen. Even if we have antimatter propulsion (which is still probably not practical even under ideal circumstances), we’re still talking hundreds of years of travel time to get to somewhere like this star.
This also goes for aliens visiting Earth. Interstellar travel is just so impractical that I don’t think anyone has come on safari to Earth.
I don’t think you finished reading my comment. If you want the government to build lots of housing, fine. But you just have to really commit to doing so and expect it to be a perpetual project. Building out the highway system worked because we never stopped building it. China was able to build out its high speed rail system because it planned on connecting the whole country (and it’s still building, to its own detriment).
If you’re going to build three new subway stops, or a single housing complex, you’re not going to keep any of that expertise. You hire some consultants and contractors and then they move on to something completely different at the end of the project.
Progressives and Democratic Socialists like to pretend that the government can pass a law which would allow it to build lots of social housing/provide health care for everyone/build a lot of green energy/etc and it would just go and do that easy peasy. But building housing and infrastructure is not something you can just snap your fingers and it happens. It’s not something you can just throw tons of money at and pops up over night. Governments have to spend years and decades building systems and institutional knowledge around these things. The reason people can make a lot of money building houses is that it’s really hard and requires a lot of specialized and localized knowledge to figure it out.
This is a lot of what Abundance is actually about. Part of it is saying “yeah, let’s take the time and build state capacity to be able to do some of these things”. Vienna is able to build social housing because it’s been doing it consistently for decades and has all the right systems in place to do it. It’s not a libertarian book that just says “get rid of the rules and let capitalism sort everything out”. It’s about figuring out the right set of rules and incentives that allow governments to sustainably build things, or else facilitate the market to build them.
My view is that AI's productive power will allow more individuals to be independent from powerful corporations, and that will significantly weaken those corporations.
It's been really challenging to start companies because you need to go hire and manage a lot of people to handle lots of very different tasks. But it's becoming easier and easier everyday because AI is able to do a lot of that work.
As more people start companies, more competition will drive down prices for everything, making the things people want more accessible.
This is just how productivity works. If people spend less time building a unit of output, then you have more output.
People aren’t going to stop wanting stuff. Right now, the world can’t come close to making all the stuff people want. As long as there’s a desire for further consumption, there will be work for people to do.
Are they built in people’s backyards? There’s a famous case in Northern Virginia that has admitted they messed up zoning which gets cited in every story to make it look like they’re all built in people’s backyards, but the vast majority of them are in industrial zones.
The tradeoff isn’t dev job easy vs better performance. The abstractions allow devs to build faster or work on things users care about instead of unobservably better performance.
I really like what https://www.deepfission.com/ is trying to do. They have the absolute simplest model for nuclear fission that I can imagine. They’re digging one mile (1.6 km) holes dropping low enriched nuclear fuel to the bottom, and filling them with water. The pressure from the one mile column of water is perfect for the reactor. From there, it’s basically a geothermal well.
No need for an expensive containment dome, or expensive plumbing. If anything goes wrong, the nuclear fuel is already a mile underground. When the fuel is used up, they can leave it where it is since it’s below the water table. No need for expensive and hard to source highly enriched uranium.
The hard part is digging the wells, but that seems trivial compared to Quaise, who’s trying to dig 3-20km wells. The Deep Fission wells can just go anywhere (perhaps next to a disused former coal turbine?).
Well, my conspiracy theory is that it’s the other way around: AI leaders know they’re never going to recoup money for their investors. Money will be become useless and no one will be any richer than anyone else (though everyone will be far richer than the riches person is today). But they have to promise a mountain of riches in the future because they need those resources today to build that future.
I really think there’s a concerted effort by the media to demonize AI though. Every third story I see on my news feeds is some sensationalist story about how AI/data centers are bad.
The media does have an interest in doing this—writers are fearful that they’ll be first on the chopping block.
It’s an economic fallacy that a group of people would get “locked out” of the economy.
If you and I are able to work, but can’t get jobs because robots do all the jobs, then we’re not just going to sit on our hands and starve. You and I can still trade with each other, no robots need be involved. But that’s not how things will turn out.
The reason we have an economy and money and trade is that we need to incentivize people to produce all the stuff that people consume, and manage those finite resources constrained by people’s finite time. But you can do away with all that messiness of all that exchange and just have AI micromanage the economy. AI should be able to figure out how much to produce, how to limit waste, who should get what, etc. in a very fair and efficient manner.
If there’s no limit on production, and no need for human labor, then we don’t need to incentivize people to work, or try to bound the amount people consume by the value of what they’ve produced.
Why is it a winner takes all situation? There’s really intense competition up and down the supply chain for AI. That competition is going to bring down costs for everything. It’s becoming cheaper and easier every day to start a company that will disrupt the established players and bring down prices. Everything will become commoditized.
The winners in the end will be consumers, and the losers will be the big AI companies.
Don’t blame others’ consumption for high prices. We do not want a system where we say “I don’t like your consumption of X because it makes the cost of my consumption of X go up”.
The solution here is for the producers of electronics to increase production, not to go around saying “using chips for AI is bad. Chips should be used for good things like playing video games.”
The media seems hellbent on torching AI. My news feeds are nothing but stories about the evils of data centers, how useless AI is, and how much everyone hates it.