They proved that even seemingly benign algorithms that optimize for their own profit can sometimes yield bad outcomes for buyers.
Well, no shit. If it’s optimized for its own profit then of course it will yield bad outcomes for buyers. That’s two sides of the same coin.
What? Profit does not come from thin air?
Right. Profit comes out of the pockets of the buyers. Any system that is optimized to maximize profit is by definition optimized for bad outcomes for the buyers.
I really want to read this and I also really hate such economists.
Combined with commoditization of necessities like food and automated and near instantaneous trading of those commodities without needing them to physically change hands, this is a big driver of the insane inflation/shrinkflation were seeing.
