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Originally Posted by somigosaden
I listened to the Weinstein–Thiel podcast and don't really know what to make of it. All the talk about technological and economic stagnation since the 1970s didn't make sense to me. I don't buy the premise at all, and maybe they've made a great case for it other places, but I sure as **** wasn't convinced just listening to this three-hour podcast.
Thiel said that in terms of the stock market, 70s were down, 80s up, 90s up, 00s down, so basically it's just been two downs and an two ups, treading water. Does this not seem comically simplistic to anyone else who listened? If you invested a dollar in 1970, it's worth a hell of a lot more now in real terms. And they conveniently handwave away the last ten years as interest rate manipulation.
They sounded almost cultishly biased in this notion that there's been no scientific or economic progress in fifty years, but I never heard any convincing evidence to support it. They say advancements in computers is the only real progress we've seen, but so they'll ignore that and retain their stagnation thesis. Well, computers are pretty ****ing important. And are they just not aware of how much better we are at medicine or materials science or biochemistry or countless other things I'm not au fait enough with to opine on? Compare an HIV diagnosis in 1970 to today. Compare a 1970 Carolla or Corvette to one today (fuel efficiency, pollution, power, safety, real cost). Compare a 1970s incandescent bulb with a modern LED. How can you handwave all that away and say there's been no progress?
Then they conveniently make no tangible predictions (while hinting that they've made prior predictions that have failed to materialize) about the economy. It's just this vague sort of collapse or societal unraveling that they're so sure is coming in "about two years... to five... or at most a decade," because according to them we're hopelessly stuck in 1970 technologically.
Kelhaus, or anyone else, can you tell me what exactly they're predicting will happen? And can you flesh out why they're so convinced of this notion that there's been no tech/science/economic progress in fifty years?
Well, I listened to the same podcast you did. I don't have any insights beyond it or any economic acumen of my own. If you are really interested, sounds like you should twitter Eric Weinstein these questions and see what he says. I also am guessing there is a reddit channel devoted to the IDW or Weinstein himself where people are willing to argue his points.
I know from listening to him on the past on Rogan, in addition to this podcast, Eric focuses a lot on energy, physics and mathematics (his areas of interest) when he argues about the paucity of progress. I think the premise is if you had asked an energy scientist in the 1970s if we would still be using fossil fuels as our main energy source in 2020 it would be laughable the idea we hadn't progressed beyond this, yet here we are.
The "society unraveling" part of it you could argue is happening right now. And their basic premise is stagnation is the underlying root cause of all this, and (Weinstein argues) we need to break out of this to have the productivity truly increase so we can evolve into the next socio-economic system beyond capitalism