Time and again, leading technologists and philosophers have made terrible guesses about the direction of innovation.
“there is not the slightest indication that nuclear energy will ever be obtainable” just 10 years before Enrico Fermi completed construction of the first fission reactor in Chicago. Shortly thereafter, the consensus switched to fears of an imminent nuclear holocaust.that attempting to predict the risks posed by new technologies is a fool’s errand.
Importantly, rents are a pure return to ownership or some degree of monopoly power, rather than a return earned from producing something in a competitive market . For digital platforms, extracting digital rents usually entails degrading the quality of information shown to the user, on the basis of them “owning” access to a mass of customers.
So, while Schumpeterian rents are real and justified, over time, and under external financial pressure, market leaders began to use their algorithmic market power to capture a greater share of the value created by the ecosystem of advertisers, suppliers and users in order to keep profit growing. Next-gen AI will shape not just what information is shown to us, but how we think and express ourselves
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