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by lobster_johnson 5514 days ago
> Everything is a commodity.

Well, no. That's a very unhelpful generalization that tries to subvert an established nomenclature for an easy, hip-sounding soundbite. The term "commodity" is very precisely defined and has nothing to do with "hiring probabilistic machines".

A commodity is a product which can be supplied and purchased at no difference in quality. It doesn't matter if I buy petroleum from maker A or maker B, because both are, to the extent that I care, petroleum. Commodities allow you to deal with abstract notions of goods, separate from the physical goods, thereby fundamentally changing the way you trade goods, since (for example) you can buy from the cheapest supplier and sell to the highest bidder, with no concern for the actual stuff being exchanged.