But what's the point of real assets if you can't do anything with them? No point in holding real estate if nobody can afford to rent/buy your houses or go do whatever money-spending thing you put on your commercial lots.
AI invalidates a lot of the need for money to even exist as a concept anyway in some scenarios. If only a few people have all the stuff (huge inequality) you don't really need a large money system because you no longer need most people to get what you want (i.e. most are economically irrelevant). You have a magical genie called AI instead that can transform what you have into what you want as long as you have the raw materials, space and energy. The wealthy could then negotiate in large transactions via barter - I trade that plot of land for that copper mine. Most large transactions are negotiated in any case.
A very likely case (there are others) is that AI enables feudalism of some sort to come back - where the new lords are the owners of the other economic factors of production that remain scarce (capital, land, resources, social) - not intelligence and/or labor. This is the opposite of a meritocratic society. It would explain why people want to win the AI race; and are willing to burn uneconomic amounts of money to build it out. There is a race to the finish here.
This always makes me laugh. What motivation would the oligarchs have to pay out UBI? If they can automate the labor who needs more mouths to feed? They’ll push undesirables into ghettos and start a slow genocide of starvation and disease.
From a cost-benefit perspective, I think it's a terrible idea. In the case of a massacre, long-term instability makes it hard to build a supportive faction. But if you provide just the bare minimum to survive through UBI, the capitalists will gain a loyal faction that will act as their Red Guards to attack dissidents, which I think is much cheaper in the long run. There are already plenty of people who blindly defend corporations even when they do terrible things, right? In my opinion, UBI is simply the cheaper option. Historically speaking, post-massacre recovery has always ended up costing much more.
Isn't it obvious? Your existence is margin that they leave on the table. And for what reason if you have no real skills or anything to offer? You are a leech. You exist to consume. You create nothing in this new future. You have no value. You aren't even an asset. You are a liability.
And what you think they will fear instability that we will bring upon? We will be armed with sharpened sticks and a smattering of ar15s at best case, while we are targeted from orbit by automated precision ordinance. Imagine a war between two AI controlled nation states. One has to manage a population during this war, the other opted to cull its population early in the war and maximize all its resources into the war effort. Guess who wins that war every time and likely takes control of the planet.
Automatic gun turrets are even cheaper in the long run.
In 1930, John Maynard Keynes wrote an essay title "Economic Possibilities for Our Grandchildren"
He predicted that in 2030, technology, productivity, capitalism would solve the economy. There would be so little work to do and so many resources that the average work week could just be 15 hours!
He wrote that once all us plebes were liberated from work, what we would face is humanities greatest problem. What purpose will we have with all this new found leisure time!
We only have to wait 4 more years to relax.
The performance gap between free and paid AI models is massive. The resulting divide between children from low-income and high-income families is quite evident based on my observations in my country. It will only get harder to keep up.
I don't support UBI either. The fact that UBI is even being discussed means the market is broken. The problem is that in the current market, prices for freelance work tied to intellectual labor have been absolutely crushed by AI. Looking at indicators from Booth or the Korean freelance market, "middle-tier" jobs are disappearing. While currently established professionals remain unaffected for now, the volume of work has drastically decreased for developers or writers who are still building their reputations. There are statistics from Japan showing this as well. My workload has also decreased to a ridiculous extent. The so-called barbell structure is becoming entrenched.
The core issue is this: if that happens, how will society handle the dissatisfaction of such a massive number of people? If more than half the population are workers, there is no problem, but if more than half are unemployed, that is a serious issue. Income polarization is continuing to accelerate.
Because there are no aristocrats without slaves, capitalists need workers to elevate themselves. Wealth and power are strictly relative, and they need miserable ornaments to make themselves feel like "awe-inspiring beings." To confirm their own sense of superiority, capitalists require human spectators who look up to them while suffering in misery. Why else did ancient Rome unleash lions and gladiators in the Colosseum?
Later on, things made by humans will become expensive luxuries, while commoners like me will be fed UBI—the bare minimum bread for survival—along with cheap, AIslop.
If making money by learning a skill increasingly requires a longer time investment, you have to endure the period it takes to learn that skill and build a reputation, which is incredibly difficult for the average working class. It requires the financial backing of a wealthy family to afford a college degree, travel to academic conferences, and survive on low wages. And if someone can endure all that to build a reputation, it will naturally lead to a massive concentration of wealth at the very top.
I propose that voting on comments should have a required field addendum, so that before a vote can be cast, the voter has to type into the field the reason they are voting it up or voting it down.
The industrial revolution feels like an imperfect analogy because industrial automation still required human labor to operate the machines. The premise of this paper is a regime where machines could also operate the machines.
No. Send to fight a war. To capture resources.
The economy of the future will be about yachts, supercars, hermes bags, private air travel and ozempic. Not about how you made it possible for everyone to watch a gigantic library of videos for free, or how you made cars affordable for everyone.