this post was submitted on 11 Jul 2024
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If it is not indeed a new concept, it seems a great deal of people either didn't know about it, or refused to care. Rather than be annoyed at the rediscovery, perhaps a better outlook would be to rejoice that these same ideas are reaching more people through the new words than it did with the old?
The problem is, they're not actually learning about anything real, they're learning about one specific outcome of rent seeking in the modern world that they only noticed because of their profession. By giving this very narrow and specific concept a cute name, and making that shit popular or whatever has literally prevented young people from understanding these important economic concepts on any real level.
So yeah I'm glad that a small portion of terminally online tech nerds have finally discovered a major form of rent seeking in their industry and identified it as a problem. But then they just stop there as if it exists in a vacuum. I just wish they'd read some actual books (or hell, if you don't want to turn off the screen, audio books?) about the subject rather than just repeat some clever term over and over.
That's my problem. I guess it's nitpicky. But I do believe there are people who will now never learn another single thing about economic concepts that affect their lives because they're not even aware that this "newly discovered phenomenon" is just one small aspect of a much larger problem that is endemic to all of capitalism. They just think it's this quirky thing that only affects tech.