Prices will also go down dramatically. When you eliminate human labour completely, you are essentially stuck with the problem of efficiently allocating raw materials. And raw materials are abundant compared to what human labour can currently produce. We're still a long way from there though.
replyThere are also markets with scarce supply, like desired properties in prime locations. Probably some other similarly structured markets, as well.
replySo there is also a question, what would be happening to these.
Not true. Raw materials depend on energy to extract and are geopolitically not a straight forward thing given that most materials are concentrated in few locations on our planet.
replyIf resources cost next to nothing to extract and process, isn't that speed running strip mining of the entire planet? Then what?
replyYou mine the landfills. Or asteroids!
replyExactly. Henry Ford made sure his own employees could afford the cars they were making.
replyThese people making these kind of grand pronouncements either have an embarrassing blind spot, or are not making sincere, but carefully calculated statements.
Just via competition, Chinese researchers are doing much more than Bill Gates could ever hope to do through 'thought leadership' spread the benefits of generative AI.
You know that Henry Ford thing is a myth right? So your basing your whole world view on a myth about a business man > 100 years ago.
replyExplain why you think it's a myth. Also I'm basing my argument on common sense. And I didn't speak about my 'world view' in the comment.
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replyThe economy is already largely propped up by spending from the wealthiest decile.
replyThe same exact people that the companies got rid of. The government pays them now instead of their former employer.
replyOther companies and rich people. Imagine the economy gradually becoming more unequal.
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