I've also commented on Substack, but wanted to comment in a different direction here (which I hope is closely aligned to LessWrong values). This article feels like the first part of the equation for describing possible AI futures. I starts with the basis that because labour will be fully substitutable by AI, the value goes to zero (seems correct) to me. What about following up with the consequences of that loss of value? The things that people spend their earnings will go to zero too. What's in that group? The service industry, homes.
Metrics we can track here are homelessness, unemployment, consumer debt, service industry bankruptcies.
The government will need to redistribute wealth and because the ownership of capital is the only wealth anymore, it will need to tax capital.
Perhaps exclude "cash" from "capital" and only define capital as ownership of means of production.
Ultimately, how do we defend against this future that only a few people seem to be able to see?
I've also commented on Substack, but wanted to comment in a different direction here (which I hope is closely aligned to LessWrong values). This article feels like the first part of the equation for describing possible AI futures. I starts with the basis that because labour will be fully substitutable by AI, the value goes to zero (seems correct) to me. What about following up with the consequences of that loss of value? The things that people spend their earnings will go to zero too. What's in that group? The service industry, homes.
Metrics we can track here are homelessness, unemployment, consumer debt, service industry bankruptcies.
The government will need to redistribute wealth and because the ownership of capital is the only wealth anymore, it will need to tax capital.
Perhaps exclude "cash" from "capital" and only define capital as ownership of means of production.
Ultimately, how do we defend against this future that only a few people seem to be able to see?