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In competitive markets, firms face a powerful trap.
When AI displaces workers, each company captures the full cost savings from automation. But the resulting drop in consumer spending hurts demand across the entire market.
This two-part article published few months back is perfect for going down the rabbit hole on a weekend.
The post argues that mountains are an underrated driver of why many warm and tropical countries stay poorer. Near the equator, people move to higher altitudes to escape extreme heat.
