#misalignedmarkets — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #misalignedmarkets, aggregated by home.social.
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Chrematistics or accumulation without limit was the most important concept I ever learned about. It's not #greed per se, it's something much worse and it dominates our world. #capitalism #philosophy #misalignedmarkets #poliecon
https://medium.com/@misaligned-markets/greed-is-not-selfishness-0474653eba10
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(6/6) #Capitalism runs like a computer (and it's being hacked)
Markets under capitalism are an open system whose norms and protocols can be hijacked to create permanent structural advantages. Very similar to #exploits #vulnerabilities in #cybersecurity.
Because #capitalists institutions determine what can be bought and sold in market capitalism they are often targets of hijacking.
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(5/6) The tension at the heart of market #capitalism
Markets under capitalism face four paradoxes managing the balance of power in the system:1. Property rights limit competition.
2. Property rights enforcement invites exploitation.
3. Markets reward secrecy but need transparency to function well.
4. Market success undermines market competition. -
(4/6) The lethal economics of corporate kung fu
Market failure = firm success. To understand #economic reality, we have to understand that companies are competing over ways to avoid economic competition. Even if it comes at consumers' expense. Corporate kung fu are the insane tactics companies pursue that screw over consumers. -
(3/6) AI hype is a mirror of market fundamentalism
#LLMs are the perfect microcosm of capitalism. These systems mask the vast amounts of labor needed to run them, allowing commodity fetishism to form around #AImodels.This mirrors the fetishism #neoliberal #economists display around markets, detached from understanding the influence of #capitalist institutions and #politics on markets.
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(2/6) #LLM “intelligence” is a #darkpattern. I argue that the defining feature of LLMs is that they’re a structured “dark pattern” meant to launder the idea that a mind’s on the other side.
To that end, unlike any good technology, there’s no affordance that promotes any intended use. That doesn't make LLMs useless, but it makes them extremely dangerous from a user safety standpoint. Like a hammer without a handle.
#blog #anniversary #misalignedmarkets #longthread
https://misaligned.markets/llm-intelligence-is-a-dark-pattern/
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(1/6) My blog #MisalignedMarkets turns one! I spent the year blogging about lots of topics: optimization, information asymmetry, risk, #AI but here are my most popular posts
A thread 🧵 -
The latest #misalignedmarkets post is about historical developments that are core to understanding what market capitalism is and how it works. https://misaligned.markets/contingencies-of-capitalism/
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Capitalism exists to label and serialize objects in the world to facilitate capital accumulation. This is a very abstract metaphor, but the clearest way I've been able to begin to understand how those who already have capital use it to poke holes in markets.
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(3/3) Not only do the protocols of capitalism result in rules written and influenced by capital holders, but the rules are so gameable they create easily exploitable vulnerabilities.
The favored position of capital and the breaking of capitalism's rules are fundamental to how capitalist systems evolve. Getting the broader public to recognize that, I think, is the first step towards fighting for a fairer world.