Tim Wu knows where you got your 'economic resentment' and that 'weird feeling of something you like getting worse': It's 'the age of extraction' | Fortune
Briefly

Tim Wu knows where you got your 'economic resentment' and that 'weird feeling of something you like getting worse': It's 'the age of extraction' | Fortune
"I think that that is kind of an economy-wide problem. Everything kind of just creeps. It's that weird feeling of something you like becoming worse."
"but none of those are very strong right now in so many markets ...a lack of discipline lets firms get away with making their products and services worse."
"a good product that people want to buy because it's good,"
"find power over someone and suck as much as you can out of them."
Modern American capitalism has shifted toward accumulation of market power and extraction, producing widespread economic resentment and a sense that the system is unfair. Many individuals feel out-powered rather than out-competed, causing deeper anger than losing in a fair competition. Business incentives have moved from creating superior products toward finding ways to extract value from customers. Weak competition, lax legal enforcement, and insufficient internal corporate discipline allow firms to degrade products and services. This dynamic undermines expectations of progress and diminishes the technology sector's role as an invention industry driving continual improvement.
Read at Fortune
Unable to calculate read time
[
|
]