Future generations are going to regard it as really odd that during the 2010s — a decade that cracked the century-old dominance of thermal power and internal combustion engines — one of the Big Ideas was that technological progress was over.
https://twitter.com/binarybits/status/1333127171766964229
They'll regard it as even odder when they're told the main cited exceptions to the progress-is-dead rule were a taxi-booking app and another one using old techniques from the slot machine industry to make our phones more addictive.
One thing that I think capitalists tend to misunderstand about capitalism is that when it's working it's really hard to make much of a profit.
Solar panel makers increasing shipments 40% a year but getting single-digit profit margins is what effficient capitalism looks like!
Solar panel makers increasing shipments 40% a year but getting single-digit profit margins is what effficient capitalism looks like!
From the perspective of an investor, obviously you'd rather put your money on Facebook with a 27% margin due to monopolistic rents. But that's profiting from market failure, not markets that are working.
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