This is such garbage. Among the profound Nobel Prize-winning insights of U.S. academics Paul Milgrom & Robert Wilson is the “winner’s curse,” which is when a bidder pays too much in an auction. It’s essentially the same as when the LA Angels overpaid for Albert Pujols in MLB free agency, to use one example. But everyone knew this already, so where’s the genius here?
Milgrom & Wilson are also noted for their various bourgeois theories on “perceived value,” which have little to do with actual value, since all the stock, bond & derivatives markets are divorced from reality. It’s the Federal Reserve that keeps these zombies upright, but academics never focus on those realities. These are pseudo-intellectuals who rationalize capitalism, by obscuring its horrible inequalities, and they are richly rewarded for it.
The amount of actual value in a commodity is precisely determined by the amount of human labor needed to produce it. Karl Marx published Capital in 1867, and since then, bourgeois economists everywhere have been unsuccessfully trying to refute it.
Paul Milgrom & Robert Wilson are professors at Stanford, one of the most prestigious universities in America. Stanford is also one of the most well-connected to the US deep state. These “auction theories” allowed broadband signals to be sold (cheap) by the US government to cell phone giants such as T-Mobile, Sprint, Verizon, AT&T, etc.
These corporations now have access to everyone’s data, which sells it to governments & other institutions around the world– for profit. No user allows this consent, but all cell phone users are forced to agree to a boilerplate policy set by corporate, which allows this.
As far as government protection for the consumer goes, there is none. It’s toothless alphabet soup oversight (SEC, FCC, etc…), where waste & bureaucratic incompetence are systematically encouraged. The same now applies with social media platforms & search engines, such as Facebook, Twitter, YouTube, Google & Yahoo!.
Paul Milgrom & Robert Wilson have provided finance capital with a post-modernist rationale for their monopoly of digital, internet & cell phone technologies. That wins the Nobel Prize for Economics in 2020.
Karl Marx was right. Today there are too many fake awards for fake theories to justify class interests. It’s the same deal with the CDC, NHS, etc, when it comes to coronavirus. The theory of all post-modernist award winners is: all profits go to the few, while the rest get hosed because they aren’t worthy. That’s nothing more than a pseudo-intellectual justification for fascism.