“What this means is that even more than it is in the advertising business, Facebook is in the surveillance business. Facebook, in fact, is the biggest surveillance-based enterprise in the history of mankind. It knows far, far more about you than the most intrusive government has ever known about its citizens. It’s amazing that people haven’t really understood this about the company. I’ve spent time thinking about Facebook, and the thing I keep coming back to is that its users don’t realise what it is the company does. What Facebook does is watch you, and then use what it knows about you and your behaviour to sell ads. I’m not sure there has ever been a more complete disconnect between what a company says it does—‘connect’, ‘build communities’—and the commercial reality. Note that the company’s knowledge about its users isn’t used merely to target ads but to shape the flow of news to them. Since there is so much content posted on the site, the algorithms used to filter and direct that content are the thing that determines what you see: people think their news feed is largely to do with their friends and interests, and it sort of is, with the crucial proviso that it is their friends and interests as mediated by the commercial interests of Facebook. Your eyes are directed towards the place where they are most valuable for Facebook.” John Lanchester does not know what will happen should this $450 billion penny ever drop.
Tag: growth
Wenn die Maschinenstürmer doch recht behalten
“Einerseits steige die Verfügbarkeit von digitalisierbaren Dingen und Diensten dramatisch, bei immer weiter sinkenden Preisen. Andererseits kämen die Erträge der neuen Produktionsweisen nur wenigen zugute, was in einer potenziell extremen Polarisierung von Einkommen und Entfaltungschancen resultiere.” Henrik Müller sieht uns einem verarmenden Produktivitätswachstum ausgeliefert.
The Piketty Panic
“But how do you make that defense if the rich derive much of their income not from the work they do but from the assets they own? And what if great wealth comes increasingly not from enterprise but from inheritance?” After reviewing Capital in the Twenty-First Century by french professor Thomas Piketty, Paul Krugman reflects on why this particular book is reshaping the debate on wealth and inequality.