The (real) dead economy theory
Summary
The article critiques the idea that AI will unilaterally eliminate jobs and argues that the real risk lies in market behavior that reallocates capital from productive work to hype-driven assets and AI infrastructure. It links Musk’s post-2020 ventures, crypto, and memestock dynamics to a broader ‘dead economy theory,’ warning that funding priorities may undermine important real-world research like cancer studies. Citing thinkers like Quiggin and McGrann, it cautions against conflating hype with value and emphasizes institutional incentives that push for speculative, high-visibility projects over substantive progress.