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vgr's profile
Venkatesh Rao
Venkatesh Rao
Venkatesh Rao
@vgr

Tweets

Venkatesh Rao

@vgr

Conversational account. For work follow @ribbonfarm, @breaking_smart, @artofgig. Tweets are 90% vacuous views, apathetically held. Mediocritopian. IKEA builder.

Los Angeles, CA
venkateshrao.com
Joined August 2007

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    1. Venkatesh Rao‏ @vgr Apr 8
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      Venkatesh Rao Retweeted The Art of Gig

      My latest art of gig newsletter got me thinking about a general point of relevance beyond the gig economy. Inequality is a misframing og the real problem: bad fat distribution.https://twitter.com/artofgig/status/1248066039763484673 …

      Venkatesh Rao added,

      The Art of Gig @artofgig
      New public post: Get Fat https://artofgig.substack.com/p/get-fat 
      1 reply 1 retweet 21 likes
      Show this thread
    2. Venkatesh Rao‏ @vgr Apr 8
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      The current economy is optimized for extracting all surpluses and storing it in a particular concentrated form: high liquidity financial instruments that allow fat surpluses to migrate rapidly and frictionlessly to the current fastest growth vector.

      1 reply 1 retweet 13 likes
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    3. Venkatesh Rao‏ @vgr Apr 8
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      The fact that the concentration coincides with a small population of private wealth holders is almost irrelevant. Any such high mobility concentration would hace the same effect: everything else has to be super lean and tightly synchronized. Great for growth but not resilience.

      2 replies 0 retweets 11 likes
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    4. Venkatesh Rao‏ @vgr Apr 8
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      While wealth inequality may be a moral problem under some views, that’s not the main reason extreme wealth concentration is a practical problem. It’s a problem because it causes fragility. Thinking in terms of fat distribution rather than wealth helps.

      2 replies 1 retweet 8 likes
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    5. Venkatesh Rao‏ @vgr Apr 8
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      To make it clear, such a distribution would be a problem even in a society that explicitly designed for eugenics and associated authoritarian values. Bad fat distribution is a problem for any system of values. Kinda like a potbelly is a marker of risk for anyone.

      1 reply 0 retweets 2 likes
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    6. Venkatesh Rao‏ @vgr Apr 8
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      “Good” fat distribution would store fat in a much broader variety of instruments and engineer friction and illiquidity so it cannot gravitate to fastest growth locus too easily. You’re not trading off growth for security: you’re securing the growth itself.

      1 reply 0 retweets 6 likes
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    7. Venkatesh Rao‏ @vgr Apr 8
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      There now seems to be a consensus among economists that dichotomy between opening up the economy sooner and mitigating for longer is a false one. You mitigate longer to actually rescue the economy rather than just put it through a false dawn. This argument works long term too.

      1 reply 1 retweet 7 likes
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    8. Venkatesh Rao‏ @vgr Apr 8
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      A better fat distribution is the longer term macroeconomic analog to social distancing. It prevents economic contagion from spreading as fast, thereby preserving growth potential.

      2 replies 0 retweets 6 likes
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      Venkatesh Rao‏ @vgr Apr 8
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      I need to work this out more carefully. I don’t think I’ve seen this precise argument made before.

      8:42 PM - 8 Apr 2020
      • 5 Likes
      • Rahul Ramchandani David McDougall elliot ian m hines Shripriya Mahesh
      1 reply 0 retweets 5 likes
        1. Víctor Marín‏ @Erthelillo Apr 8
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          Replying to @vgr

          I was discussing this the other day. Martket is by nature as efficient as it can. But "lean" and "skinny" financials can't cope with huge hits like this. I thought maybe government job would be to take care of this and build the fat, but instead we have over 100% GDP debts

          0 replies 0 retweets 0 likes
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