You're talking about normal technological developments that yes generally follow Econ 101 patterns. But AGI isn't like that. If AGI or something like it comes about it won't be a normal technology. The upside case for investors is that frontier models eliminate millions of jobs and remain controlled by a small group of owners. That's why they are investing sums unprecedented in human history. If all white collar work and an increasing amount of blue collar work is supplanted by AI how do those masses of newly unemployed folks make a living without wealth redistribution?

If AI capability plateaus and ends up as a normal technological development then I agree with you that it will mostly work out for the best. But that's not the scenario I'm worried about and plenty of folks in the industry are warning that's not the most likely path at this point.

> This comment naively believes in zero sum creation of wealth.

As long as we're in a capitalist society, wealth is certainly zero-sum.

Every technological advancement that made jobs easier just allows corporations to increase their margins or increase the workload. If I automate some of my work and now only need to work 20 hours/week, I don't get 20 more hours/week of free time, I'm just given more work to do.

If someone gets completely automated out of their job, they don't get to relax and enjoy free time. They have to find a new job to pay the bills. With more and more people getting automated out of a job, UBI will become a necessity. We will need to increase taxes on corporations to fund it.

So far prices have generally gone up, which indicates the pie available is scarcer.

I am looking forward to the day where more electricity, electronics, food, and housing are produced thanks to AI; but in the mid-term it feels like an AI bubble pop would do more to bring the price back down.

Claiming that wealth isn't zero sum, and demanding people have faith in the US system of capitalism, is not reassuring.