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Posted by scythe 4 days ago

The end of the rip-off economy: consumers use LLMs against information asymmetry(www.economist.com)
251 points | 193 commentspage 4
dlcarrier 4 days ago|
See also: Sludge / What Stops Us from Getting Things Done and What to Do about It (https://mitpress.mit.edu/9780262545082/sludge/)

A lot of what LLMs help with is useless processes and paperwork that exists solely and purposefully as an impediment, when regulating against something is unpopular or prohibited. There's no specific intelligence required for these tasks, just a familiarity with a small amount of information, buried deep in a large amount of irrelevant nonsense.

fedeb95 4 days ago||
yes, but the cost of using such services must be offset by how much you gain. We'll see in the future
lovestory 4 days ago||
I would assume many consumers are gonna have to switch to more of DIY approach for many tasks that required some domain expertise. For example, most of my friends completely stopped buying useless skincare products because chatgpt would make them a table of INCI list and explain them the benefit of the ingredient. Turns out most of products are BS. Vitamin C doesn't even penetrate the deeper skin layer, it just evaporates on your skin. My bet is that many companies will have hard time marketing on customer's naivety.
elliotbnvl 4 days ago||
If we have been living in the Information Age, I propose that we have just entered the Intelligence Age.
andy99 4 days ago||
It’s funny because I actually think we’re quite possibly kicking off a dark age where almost nobody thinks or writes for themselves anymore and real knowledge (or wisdom if you like) is gatekept by big companies.

It’s a parallel to the medieval dark ages where OpenAI is the church

Y_Y 4 days ago||
What if we compromise and call it The Dark Enlightenment
yoyohello13 4 days ago||
I propose The Delightenment.
chickensong 4 days ago|||
You have my vote
satisfice 4 days ago|||
I like that…

or the amusalypse

bux93 4 days ago|||
more like the sa-bot-age
Joel_Mckay 4 days ago||
Nope... Just another hype cycle right now. =3

https://en.wikipedia.org/wiki/Gartner_hype_cycle

palmotea 4 days ago||
> These examples add up to something bigger. As AI goes mainstream, it will remove one of the most enduring distortions in modern capitalism: the information advantages that sellers, service providers and intermediaries enjoy over consumers. When everyone has a genius in their pocket, they will be less vulnerable to mis-selling—benefiting them and improving overall economic efficiency. The “rip-off economy”, in which firms profit from opacity, confusion or inertia, is meeting its match.

Except that LLMs are not "a genius in your pocket." They'll definitely give you an answer, whether it's good or correct, who knows.

john01dav 4 days ago||
It doesn't need to be reliable here to have the described effect. Instead, all it needs to do is point users in the right direction, which LLMs are usually quite good at. I often describe to one something that feels like it should exist, and then it can come back with the specific obscure name for exactly that thing. When it doesn't have an accurate answer, all I've lost is a few minutes. It just needs to give a vaguely useful direction most of the time.
iso1631 4 days ago||
Well quite. Who controls the AI, clearly it is going to give them the advantage. If anything it will make the problem worse.
helicone 4 days ago||
maybe the amish were right all along
Joel_Mckay 4 days ago||
Except LLM derived cons also increase.

https://www.youtube.com/watch?v=_zfN9wnPvU0

Technology changes, but on average human-beings do not. =3

vjvjvjvjghv 4 days ago||
Just wait until LLMs will serve ads. That's pretty much guaranteed to come.
onetokeoverthe 4 days ago||
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seydor 4 days ago|
Given the huge capitalizations of AI companies, banks will not like this and will eliminate it