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Audio Flamingo 3 - Fully Open Large Audio Language Models
(research.nvidia.com)
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this post was submitted on 16 Jul 2025
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I see. I think this is the big one:
A return on investment is not the same as an economic rent.
Let's go back to the farmer example. You agree that a monopoly on the food supply is a bad thing. It can and will be abused.
Sidenote: You suggested that the government should produce textbooks to prevent abuse. Would that also be your solution here? Would that be preferable to the current arrangement?
Now, let's look at the situation of a farmer more closely. A farmer has to do a lot of work before they can harvest. They also need stuff like seeds, fertilizer, pesticides, fuel, machinery, spare parts and maintenance, and so on.
In the old times, one held back part of a grain harvest as seed grain for next year. That is an investment in the economics sense. You don't consume everything, but keep it so that you have more in the future. The finance meaning is subtly different but never mind.
Farmers gets a return on investment. They invest money and labor so that there is a harvest in the future. They could sell the equipment they already own to have more spending money now.
A ROI is part of a farmers' income but is not economic rent.
Back to authors. An established author will get an advance before they write the next book. That's investment by the publisher. If they don't get an advance, then the author is making the investment, but let's ignore that for simplicity. Investments are always risky. In this case, some books don't sell well and don't make back the money.
As a publisher, how much money would you invest in future books to maximize your profit? It depends on the expected payout and the cost of money.
Cost of money: You could borrow the money. Then the cost of the money is the interest on the loan. Or you could use the money for something else, eg buying safe government bonds. In that case, the cost is an opportunity cost. It's what you miss out on by not investing elsewhere.
Expected payout: It's the average profit/loss on each book. It is something you estimate based on experience.
The more books there are on the market, the lower the average profit. There must be a limit to how much of their income people are willing to spend on books. At some point, you have a lot of similar books chasing the same audience. That lowers the average. To maximize your profit, you invest in the production of more and more books, until the average return on each book is equal to the cost of money.
I'll leave it at that for now.
Yes. That's economy and investment how we usually do it today. The conclusion of that is, the "manufacturers" sell their product at the end of the day. I think in the realm of what we're discussing, it means an AI company is then the client of the book authors. And they pay for the books, or more the content within. That's the traditional model and doesn't make sense unless it results in some product being sold.
Now that's a really interesting question. Some intelligent people have proposed similar things, economy being controlled by the government instead of the free market. And we've tried it. Turns out it's tricky to get it right. When they tried applying it to the entire economy, it often resulted in lots of corruption, an underperforming economy, up to outrageous things like famine and starvation in the population. Though I'm making it sound simpler than it is. Lots of different factors were involved with that.
And then sometimes we get it somewhat right. For example education is done by the government. Public infrastructure like roads, trains... And the government already produces books and TV. One example is public broadcasting like the BBC or ARD/ZDF here. I think what they produce is far superior than news in the USA. On the downside it's a very bloated organization and they waste lots and lots of money doing it.
So... My answer to your question is: yes and no. Yes, government should produce books and other content. Like local news from my region, which is not a profitable business so the private companies regularly fail due to that. And education would be another topic. It'd be great if education were accessible to everyone, at no cost. Maybe some other things.
And no, I don't think government should produce all books and content. That'd be kind of a monopoly on information. It's hard to choose which book should be written and which discarded. Which wannabe autor to put on the payroll... We'd need a lot of trust and faith in the government, which we don't have. And it's likely going to fail because of a multitude of reasons. I'd say it's somewhat a nice idea. But I give it zero chance to work as intended in reality.