It’s one of the things that’s fundamentally broken in our economic algorithm. There is genuine innovation, and then there is simply borrowing against the future. It’s really hard to tell the difference, and even if you can, the market can still behave irrationally.
Even ignoring the political question of how things could be changed in practice, I am struggling to imagine ways to align incentives better.
Even ignoring the political question of how things could be changed in practice, I am struggling to imagine ways to align incentives better.