Yes, but so are ice cream trucks and the whirligig rides at the fair. Having “access to capital” is meaningless if you are buying an ice cream truck, but means much if you have a rare earth refinery.
My claim is that the big distinction now is between labor and capital because everyone had about an equally hard time getting labor; when AI replacement happens and that goes away, the next big distinction will be between different types of what we now generically refer to as capital. The term is uselessly broad in my opinion: we need to go down at least one level towards concreteness to talk about the future better.
Yes, but so are ice cream trucks and the whirligig rides at the fair. Having “access to capital” is meaningless if you are buying an ice cream truck, but means much if you have a rare earth refinery.
My claim is that the big distinction now is between labor and capital because everyone had about an equally hard time getting labor; when AI replacement happens and that goes away, the next big distinction will be between different types of what we now generically refer to as capital. The term is uselessly broad in my opinion: we need to go down at least one level towards concreteness to talk about the future better.