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15 days agoI want to agree, but terms like “vice” and “virtue” are subjective. To label what Cuckerberg and his ilk are doing as “virtue” signaling lends credibility to their idea that their vice is virtue. Similar to how the GOP calls themselves the party of “law and order”.
Exactly. A systemic issue with capitalistic markets is that they inherently select for short term thinking.
Does it make sense to destroy 90% of your profitability 5 years from now for a 20% bump in profit this quarter? Well, yes, it does, because that’s 20% more profit to expand and take over the market.
Even if a business were to try to make good long term decisions, it would immediately be crushed and pushed out of the market by all of its competitors willing to make those shortsighted decisions for immediate profits.
Except in the case of Amazon, thanks to AWS they were able to make good long-term decisions with their e-commerce platform by making short term decisions with AWS.