It’s time to challenge the idea that Wall Street trading helps allocate society’s resources more efficiently
All true enough, and added to the fact that any market based system is incentivised to actively work against universal delivery of any good or service, even when the technology for such universal abundance exists, and we have something of a perfect storm across economics, ethics, politics and culture more generally.
There is a way out, and it does essentially involve ending our reliance on markets as a measure of value, and the adoption of individual life and individual liberty as the prime values in society, supported by fully automated production and delivery of all essential goods and services.
The technical difficulties are trivial in comparison to the social issues involved in changing paradigms of understanding.
[followed by In reply to a critique by DWAnderson]
Some truth in what you say, but also a major issue in terms of risk.
Using money as a universal measure of value tends to decouple people from the actual effects of their spending decisions. All risk gets melted into a pool of “money” and great reliance is placed on actuarial tables of past behaviours to determine what risk is present.
That entire approach fails in times of rapid exponential change across multiple domains simultaneously.
Most people fail to understand that in many cases of low probability high impact risk the low probability only refers to its occurrence in any particular year, with a sufficiently large time-frame, the probability of occurrence asymptotically approaches unity.
These two different domains of higher dimensional risk cannot be dealt with in the incentive structure available in market systems.
So while at the first order abstraction your argument appears sound, at the next order it fails completely, and actually turns into a risk multiplier.
To me it is clear, beyond any shadow of reasonable doubt, that our societal reliance on markets as a measure of risk is now actually the greatest existential risk to us all.