It’s also the death of even the pretense of the American dream. Think about it. All pricing goes algorithmic, for all goods and services. Every company figures out the absolute maximum you can pay and charges accordingly.
What does this do in aggregate? It means that every raise you will ever get during your career is now immediately consumed by rising prices. This produces an economy where there is literally no point at all to advancing your career, gaining new skills, or bettering yourself. Why go to college or trade school, if the extra money you earn is just going to be consumed by companies charging your more for the same products? Why should anyone do anything but simply find the most tolerable minimum wage job they can, and simply work it until they die of old age? If all pricing is algorithmic, anything you do to improve your personal financial situation will be immediately hoovered up by the big conglomerates.
It’s also the death of even the pretense of the American dream. Think about it. All pricing goes algorithmic, for all goods and services. Every company figures out the absolute maximum you can pay and charges accordingly.
What does this do in aggregate? It means that every raise you will ever get during your career is now immediately consumed by rising prices. This produces an economy where there is literally no point at all to advancing your career, gaining new skills, or bettering yourself. Why go to college or trade school, if the extra money you earn is just going to be consumed by companies charging your more for the same products? Why should anyone do anything but simply find the most tolerable minimum wage job they can, and simply work it until they die of old age? If all pricing is algorithmic, anything you do to improve your personal financial situation will be immediately hoovered up by the big conglomerates.