The Plutonomy—AI Edition—and the Coming Crisis
Driven by speculative finance, stagnant wages, and AI hype, today’s tech-heavy economy mirrors the fragile plutonomy that collapsed into the Great Crash of 1929.
From Paul Krugman's blog. For perspective, here's a chart showing corporate profits from 1996 (and another, going back to 1947--scroll down about 2/3 of the page).
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