By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions. We in turn value your personal details in accordance with our Privacy Policy.
Please log in or register. Registered visitors get fewer ads.
"It's not cost-cutting. It’s replacing in some cases lower-value human capital with the financial capital and the investment capital we’re putting in.”
In my view, humanity is sleep-walking into disaster when it comes to AI on all sorts of levels and yet there is no proper debate taking place.
[Post edited 23 May 10:07]
7
Who needs lower value human capital? on 18:39 - May 22 with 1787 views
I see he attended the same apology training course as Mark Ashton.
Edit - a few weeks ago the Head of a local grammar school visited the primary school where my children attend. She was there to encourage state educated children to apply for the 11+.
She was very impressive and went on about her schools educational achievements- but I did ponder what’s the point in creating a much greater workload for young children when a lot of the higher paid jobs will probably be done by AI.
Possibly I’m being over-dramatic as I don’t particularly understand the technology but to my layman’s mind that is where we are going.
[Post edited 22 May 19:11]
5
Who needs lower value human capital? on 22:24 - May 22 with 1578 views
People need to invest in it if they can. It's not about greed or getting rich. It's about protecting ourselves and hopefully owning enough crumbs that we make some sort of income to get by in the time it takes for them to bring in some form of UBI.
I use AI daily now. People who think it's rubbish need to take another look.
2
Who needs lower value human capital? on 22:30 - May 22 with 1560 views
We’ve known for ages that’s how our economic model doesn’t value people, but it’s good to have it said out loud. Hopefully one day before my kids get old we’ll stop paying homage to the law of profit and CEO tw*ts like this and start appreciating people again.
Who needs lower value human capital? on 22:24 - May 22 by J2BLUE
People need to invest in it if they can. It's not about greed or getting rich. It's about protecting ourselves and hopefully owning enough crumbs that we make some sort of income to get by in the time it takes for them to bring in some form of UBI.
I use AI daily now. People who think it's rubbish need to take another look.
Well that's depressing! Have you ever considered gardening for a living?
"They break our legs and tell us to be grateful when they offer us crutches."
Who needs lower value human capital? on 18:40 - May 22 by MattinLondon
I see he attended the same apology training course as Mark Ashton.
Edit - a few weeks ago the Head of a local grammar school visited the primary school where my children attend. She was there to encourage state educated children to apply for the 11+.
She was very impressive and went on about her schools educational achievements- but I did ponder what’s the point in creating a much greater workload for young children when a lot of the higher paid jobs will probably be done by AI.
Possibly I’m being over-dramatic as I don’t particularly understand the technology but to my layman’s mind that is where we are going.
[Post edited 22 May 19:11]
When you think about it, it's probably a waste of time and money educating them.
"They break our legs and tell us to be grateful when they offer us crutches."
Who needs lower value human capital? on 22:24 - May 22 by J2BLUE
People need to invest in it if they can. It's not about greed or getting rich. It's about protecting ourselves and hopefully owning enough crumbs that we make some sort of income to get by in the time it takes for them to bring in some form of UBI.
I use AI daily now. People who think it's rubbish need to take another look.
I don’t claim to understand anything about AI but one of my daughter is working for a digital marketing company whilst also taking her Masters at Uni.
She was telling us last night that she has created her own ‘bot’ which monitors her computer, reads her emails etc and prioritises her workload for the next day, sets up meetings for her etc. so her bot is her PA.
I find it all incredible for the younger generation.
“What is a club in any case? Not the buildings or the directors or the people who are paid to represent it........."
The level of inequality these days thanks to oligarchs in the West is appalling, it's no wonder people like this don't value humans.
I'm not sure if disaster is inevitable, but it's clear we are in the Wild West stage of it. There could be a lot of damage to undo if we aren't careful.
Who needs lower value human capital? on 22:24 - May 22 by J2BLUE
People need to invest in it if they can. It's not about greed or getting rich. It's about protecting ourselves and hopefully owning enough crumbs that we make some sort of income to get by in the time it takes for them to bring in some form of UBI.
I use AI daily now. People who think it's rubbish need to take another look.
Yeah invest in the demise, agree there.
But UBI would be the end of us all. Can't see it happening.
0
Who needs lower value human capital? on 08:52 - May 23 with 1183 views
I agree with your conclusion that the management of the shift to AI is non-existent and that is a problem.
But this clumsily worded statement is not evidence of that at all. If we're being honest, what he was trying to say is that there are some jobs which it doesn't make sense to preserve if they can be done to the same or better level by machines at a fraction of the cost. Labelling these jobs as 'lower value human capital' was stupid, but it doesn't change anything.
0
Who needs lower value human capital? on 09:02 - May 23 with 1117 views
Who needs lower value human capital? on 08:58 - May 23 by bluestandard
I agree with your conclusion that the management of the shift to AI is non-existent and that is a problem.
But this clumsily worded statement is not evidence of that at all. If we're being honest, what he was trying to say is that there are some jobs which it doesn't make sense to preserve if they can be done to the same or better level by machines at a fraction of the cost. Labelling these jobs as 'lower value human capital' was stupid, but it doesn't change anything.
There is also an argument that "low skilled" repetitive, manual jobs being automated is good for society because it means people start higher up the foodchain.
I was sent a video of a completely robotic warehouse by someone who visited for their work. It's fascinating and scary watching something the size of an aircraft hangar full of activity and not a human on the floor.
Whether that improves health and outcomes becuase people don;t have to do that sort of work is still a theory at best I guess.
Who needs lower value human capital? on 22:24 - May 22 by J2BLUE
People need to invest in it if they can. It's not about greed or getting rich. It's about protecting ourselves and hopefully owning enough crumbs that we make some sort of income to get by in the time it takes for them to bring in some form of UBI.
I use AI daily now. People who think it's rubbish need to take another look.
I think the killer words are "if they can".
With low wages, jobs being lost due to technology, high housing costs, student debt and a pensions saving and cost of living crisis, there are probably tens millions who just don't have any spare cash.
[Post edited 23 May 9:13]
0
Who needs lower value human capital? on 09:26 - May 23 with 977 views
Who needs lower value human capital? on 22:24 - May 22 by J2BLUE
People need to invest in it if they can. It's not about greed or getting rich. It's about protecting ourselves and hopefully owning enough crumbs that we make some sort of income to get by in the time it takes for them to bring in some form of UBI.
I use AI daily now. People who think it's rubbish need to take another look.
Funny you mention this J2 as I was researching some investment cases the other day after seeing SanDisk has risen nearly 4000% over the last year. Certainly seems that tech companies with AI affiliation are still on rise.
FWIW - this bloke has been widely pilloried across the industry. Bloomberg have gone in particularly hard on him.
The banking sector has done a lot to try and transform and improve the image post GFC and what this chap said is wholly unhelpful. But, as I say, almost without fail the wider industry has condemned what he said.
The problem is not the banks though, it's what J2 mentions. Every time these tech companies come out with layoff announcements, which will help to fund additional AI capex, the market rewards them. So you have a dreadful self fulfilling feedback loop. Note, the market is not the banks it's the average US investor which is increasingly being driven by Mom and Pop, not the likes of me or my clients.
I don't know what the answer is but I assume at some point there is going to be social unrest and people vote at the ballot box.
EDIT: There is also a positive case for AI, in as much as throughout history, almost all technological breakthroughs have created more jobs not less in the long run.
And, as I've said on here before, given we have some really difficult deomgraphics in the West and the UK in particular, with a shrinking labour force, so AI productivity gains may in fact be extremely useful. Particularly given electorates now want far less globalisation and immigration.
[Post edited 23 May 10:15]
0
Who needs lower value human capital? on 12:59 - May 23 with 809 views
Who needs lower value human capital? on 22:24 - May 22 by J2BLUE
People need to invest in it if they can. It's not about greed or getting rich. It's about protecting ourselves and hopefully owning enough crumbs that we make some sort of income to get by in the time it takes for them to bring in some form of UBI.
I use AI daily now. People who think it's rubbish need to take another look.
Employment lost because of the decline of manufacturing in this country was largely replaced by opportunities in Finance and Tech. What opportunities will arise to balance employment lost through AI? I struggle to imagine.
0
Who needs lower value human capital? on 13:06 - May 23 with 787 views
Who needs lower value human capital? on 22:30 - May 22 by Swansea_Blue
We’ve known for ages that’s how our economic model doesn’t value people, but it’s good to have it said out loud. Hopefully one day before my kids get old we’ll stop paying homage to the law of profit and CEO tw*ts like this and start appreciating people again.
For me, the era of free market capitalism has reached a critical fork in the road. It was meant to self regulate. It doesn’t in this modern era because of collaboration, corruption and leaders making decisions to further self interest with scant regard to morality and without meaningful accountability. This has to change for the sake of humanity.
2
Who needs lower value human capital? on 13:24 - May 23 with 736 views
Who needs lower value human capital? on 12:59 - May 23 by SouthBucksBlue
Employment lost because of the decline of manufacturing in this country was largely replaced by opportunities in Finance and Tech. What opportunities will arise to balance employment lost through AI? I struggle to imagine.
"Employment lost because of the decline of manufacturing in this country was largely replaced by opportunities in Finance and Tech. "
For young, educated people, maybe so - but for everyone else, tough luck.....
You are the obsolete SRN4 to my Fairey Rotodyne....
Who needs lower value human capital? on 13:06 - May 23 by SouthBucksBlue
For me, the era of free market capitalism has reached a critical fork in the road. It was meant to self regulate. It doesn’t in this modern era because of collaboration, corruption and leaders making decisions to further self interest with scant regard to morality and without meaningful accountability. This has to change for the sake of humanity.
It was never going self-regulate to because of corruption and short-termism and invention and a semi-closed system.
This much was always obvious.
The human race didn't evolve the sense of self-preservation to override those first two things.
We'll mostly carry on kidding ourselves and making corporate w@nk-off, hot-shot, business-as-usual excuses and bullsh!t justifications, until... BOOM!
But we do know. We did know. And so do our kids.
Good work by Philogene...... GREAT WORK BY PHILOGENE!!!
Who needs lower value human capital? on 13:43 - May 23 by NthQldITFC
It was never going self-regulate to because of corruption and short-termism and invention and a semi-closed system.
This much was always obvious.
The human race didn't evolve the sense of self-preservation to override those first two things.
We'll mostly carry on kidding ourselves and making corporate w@nk-off, hot-shot, business-as-usual excuses and bullsh!t justifications, until... BOOM!
But we do know. We did know. And so do our kids.
It's very much a closed system to those econ/fin types like this CEO, they just don't receive any training in how systems work.
There is a new paper out that looks at changing the domination of closed system thinking in SSP-RCP pathways in the IPCC assessment reports and calls for more representation for ecological, doughnut, degrowth and post-growth economics. I think it is currently very difficult to have conversation with people in social sciences and finance when they struggle with biophysical, biogeochemical and thermodynamic limits. There needs to be a way that the genuine people from these fields can engage with this type of debate.
Who needs lower value human capital? on 15:21 - May 23 by CoachRob
It's very much a closed system to those econ/fin types like this CEO, they just don't receive any training in how systems work.
There is a new paper out that looks at changing the domination of closed system thinking in SSP-RCP pathways in the IPCC assessment reports and calls for more representation for ecological, doughnut, degrowth and post-growth economics. I think it is currently very difficult to have conversation with people in social sciences and finance when they struggle with biophysical, biogeochemical and thermodynamic limits. There needs to be a way that the genuine people from these fields can engage with this type of debate.
Interesting. I was particularly drawn to this passage in the conclusion.
"There is growing visibility of wildly unreasonable scenarios put forward by the world’s ‘‘tech-bro billionaires’’: either the techno-optimism ofcolonizing space by Elon Musk or the environmental antichrist narratives of Peter Thiel. Alternative scenarios that are embedded with the aspirations of ‘‘living in harmony with nature’’ or ‘‘leaving no one behind’’ must be developed to counter these dystopian futures and inspire public mobilization and policy action. This is the broader context within which this perspective is situated."
Digging a bit further I came across this which probably explains Thiel's hesitation mentioned in an earlier post.
"Peter Thiel warns the Antichrist and apocalypse are linked to the ‘end of modernity’ currently happening—and cites Greta Thunberg as a driving example
In a series of recent talks and interviews, most recently behind closed doors in Paris, as reported by Le Monde and Politico, the billionaire investor and close ally of President Donald Trump has sketched a worldview in which environmentalism, technology regulation, and global governance are not just political disagreements, but spiritual markers of an end-times struggle over the future of the West.
In lectures on Christianity delivered to select audiences, Thiel has argued the Antichrist in the 21st century will not resemble the stereotypical mad scientist, but rather a self-described protector who promises peace, safety, and an end to technological risk. Drawing on apocalyptic passages from the Bible, he portrays an approaching choice between a “one‑world state” aligned with the Antichrist and an Armageddon‑style collapse if that project fails, framing both scenarios as live possibilities for contemporary politics and technology."
Perhaps the conclusion to draw is that if the World comes to an end Musk will be OK because he will fly off to Mars and Thiel will be OK because he will find his place in heaven. But it is scary that the World is being driven by people with views like this.
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
