Engineer argues AI elites may treat intelligence like scarce gold
Venkatesh Rao, a software engineer, argues in an essay that AI’s potential to expand human capability is being stifled by elites who view intelligence as a finite resource—akin to mercantilists hoarding gold. Rao compares today’s AI dynamics to early capitalism, where labor was undervalued and wealth was monopolized by a few. He warns that AI executives may exploit safety concerns to justify…
Key points
- Rao compares AI’s potential to early capitalism’s labor exploitation and wealth hoarding
- Elites may restrict AI access to maintain control, using safety fears as justification
- AI could expand human capability by making previously infeasible projects possible
AI elites might hoard intelligence like mercantilists hoarded gold
The Decoder · 2 November 2026
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