This article describes the classic failure modes of a centrally planned economy, but for some reason calls it "overcapitalization" instead. Whatever you call it, the tech part is a distraction. This is what happens in any society, at any time when money is assigned by capricehttps://twitter.com/ahcastor/status/1194340426511273984 …
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The untold part of the story is how the move to central planning destroyed the greatest seedbed of innovation in American history, the tech startup economy. The startups are still there, but the only thing they innovate in is telling investors compelling stories
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Replying to @Pinboard
Are you saying the tech startup economy is being centrally planned? By whom? VC groupthink/collusion?
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Replying to @Spiff
Yes, it's a planned economy. A large pool of resources is allocated by a couple of hundred planners (called VC) based on compelling stories they hear from startup founders.
2:36 PM - 12 Nov 2019
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