[HN Gopher] Tech giants aren't just cutting thousands of jobs - ...
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       Tech giants aren't just cutting thousands of jobs - they're making
       them extinct
        
       Author : rustoo
       Score  : 8 points
       Date   : 2023-04-28 20:30 UTC (2 hours ago)
        
 (HTM) web link (www.businessinsider.com)
 (TXT) w3m dump (www.businessinsider.com)
        
       | midiguy wrote:
       | Kind of a stupid headline. The article goes on to explain that
       | generative AI is just allowing for a lesser number of people to
       | do jobs that will still exist for the foreseeable future. So in
       | other words, tech giants aren't making jobs go extinct - they are
       | just cutting thousands of jobs.
        
       | ericmcer wrote:
       | These posts are stupid because they are predicated on the idea
       | that corporations have finite tasks they want to perform and will
       | hire the optimum number of employees to do those tasks and then
       | stop.
       | 
       | Corporations are made up of managers and those managers are going
       | to hire as many people as their budget allows, and their budget
       | is going to be based on the companies profits. Look at every tech
       | startup that has VC money poured into it. Their headcount
       | explodes in response to the huge budget they suddenly have. None
       | of the FAANG companies need anywhere near their current staff if
       | their goal is to milk profits from their IP until they get
       | overtaken.
        
         | macawfish wrote:
         | There is a finite amount of "demand" in the market though and
         | at the moment in an attempt to keep prices stable the Federal
         | Reserve is choosing to squash demand at a time when new tools
         | are enabling 10x - 1000x productivity increases. Kinda puts the
         | squeeze on.
         | 
         | Taxes, like windfall taxes, wealth taxes and negative tax,
         | could help with price stability while keeping capital
         | circulating, demand up. But these are politically unpopular.
         | What seems to be politically popular these days is punishment.
        
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       (page generated 2023-04-28 23:02 UTC)