If nobody is working, then nobody is buying products, Imas pointed out, and he traced the issue to a larger issue. “The people in the tech world like to think about supply and nobody talks about demand.” So if you make a lot of stuff at zero cost, then “everybody has everything,” but also nobody has money to buy the things that are being made. He chalked this up to tech executives’ incentives and education: “I don’t think they’ve taken many econ classes,” he said, arguing that tech executives are judged by what tools and software they’re releasing, a supply story only, whereas economics trains you in “equilibrium thinking.”
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