Thanks. There should be such a comment every time someone mentions “but they have to maximise profit” and “think of the shareholder”. This point of view is not rooted in any law or legal principle and is just the Wall Street version of “might makes right”.
Re:Nvidia Limits RTX 3060 Hash Rate
by stjohnswarts on Sunday February 21, 2021 @06:21PM
(#26218381)
Yeah I think people are growing tired of this attitude. If you want to be a part of society and be a "person" in the eyes of the law you have to be a good citizen as well. Doctors have to follow a credo in addition to making $$ as do lawyers, engineers, etc. Thus it's time that if company's want to be legal "persons" they need to accept some responsibility for long term viability of their place in society beyond "shareholder value". I really hope that is a philosophy that more people take to heart.
Re:Nvidia Limits RTX 3060 Hash Rate
by WanderPanda on Sunday February 21, 2021 @12:56PM
(#26215509)
Of course it is rooted in law, natural law. Imagine a company makes a decent profit and then decides its goal is not to make so much profit anymore? What do you think would happen? I would vouch for Parkinsons Law kicking in instantly. This would just end up in a waste of resources and misery overall
I think I see what you mean, but natural law is something else entirely. Under that framework, maximising profit for the few at the expense of the rest of society is unjust.
Re:Nvidia Limits RTX 3060 Hash Rate
by WanderPanda on Sunday February 21, 2021 @01:55PM
(#26216044)
Ah didn‘t know that, thanks! (was translating literally from german)
There’s a bit more here, also interesting:
https://acoup.blog/2019/12/12/collections-a-trip-through-cic...
We could use a revival of these ideas (which were the foundation of the enlightenment) in our era of blasé cynicism.
Then, if I understood, your point goes back to “might makes right”, as in, we have the power, we might as well take the money, and to hell with long term prospects or society. It is unfortunate that these people have so much influence over the rest of us. It is also a demonstration that optimising private interests does not result in public good, that is, the invisible hand of the market is utter bollocks.
Re:Nvidia Limits RTX 3060 Hash Rate
by WanderPanda on Sunday February 21, 2021 @12:54PM
(#26215490)
I read this "Motives that are very short term profit driven." everywhere but never came to an explanation why that would be the case (something above anecdotal level). In my understanding DCF is just the natural way to put it. Maybe the discounting rate can depend a bit on the shareholder, but in large the investment horizon of most players should be quite far, given the current "risk-free" return.
Re:Nvidia Limits RTX 3060 Hash Rate
by windexh8er on Sunday February 21, 2021 @01:05PM
(#26215594)
I don't think you need to look much further than the ridiculous analysis of quarterly earnings to support that idea.
Milton Friedman's doctrine was a failed turning point in business thinking [0] and unfortunately pervasive in people's perspective today. Prominent shareholders often have different motives than that of delighting the customer. Motives that are very short term profit driven. Such a toxic way to purport value.
[0] https://en.m.wikipedia.org/wiki/Friedman_doctrine