Capitalism 2.0 Will Include a Healthy Dose of Socialism | Eric Weinstein



‘We never saw that capitalism may be defeated by its own child, Technology’

‘Markets only really work when the value of something and the price of that good or service coincide’

‘What causes value and price to get out of alignment?’

‘Technology figures out the small size of market failures and make it rather large’

‘Musicians went from producing a private good, where price and value coincided, to in fact producing a public good’

‘The idea of taxing people to pay for a standing army and their steady diet of jazz and rock and roll probably didn’t make a lot of sense’

‘The portion of the pie that is private goods is likely to shrink’

‘Traditionally, technology has moved us from low value occupations to higher value occupations’

‘Almost all code can be broken into two kinds: code that runs once and never repeats, and code that loops over and over and over’

‘Unfortunately, what most jobs are, are some version of a loop’

‘Our technical training for occupations moves the entire population into the crosshairs of software’

‘All repetitive behaviors are in the crosshairs of software’

‘We still have the Rube Goldberg section of codes, where something happens once, never to be repeated’

‘A poem will be composed that will never need to be recomposed’

‘Most people do not see themselves as capable of doing these one off acts of inspiration, that will probably always be fairly highly rewarded’

‘They see themselves as needing a repetitive behavior on which they can build their families, hopes, and dreams’

‘That era may have changed’

‘So many souls will require respect, hope, freedom, and choice who may not be able to defend themselves in the market as our software and machines continue to get better and better’

‘This is reason why something like universal basic income comes out of a place as fiercely capitalistic as Silicon Valley’

‘These are the folks who are closest to seeing the destruction that their work may visit upon the population’

‘Technology is forcing those who are more familiar with it to become the most compassionate’

‘I’m rather confused about whether to be optimistic or pessimistic’

‘Our government is populated by people who come from softer disciplines, whether that is law or poli sci’

‘Very few people in government come from a hardcore technical background’

‘There are very few senators who can solve a partial differential equation or program a computer’

‘This is a terrible inversion of what should be happening’

‘The technical professions were turned into support roles for this leadership class’

‘During the 1950s there was a tremendous vogue for thinking of a technical intellectual elite who could in fact lead us to a more hopeful, technological, scientific tomorrow’

‘Somewhere along the line, that got lost’

‘We have the technical talent to build an optimistic future’

‘For whatever reason, we are so terrified now of those technical folks, that we keep attempting to subordinate them’

‘If you look at a society like China’s, China is certainly not falling for this trap–they are proceeding along a very different path’

‘Whether or not we understand where we are and make the correct decisions for an optimistic future, depends as to whether we have the right leadership class’

‘Do we realize that the technical people should have been making the decisions all along’