If there is no jobs, there is no modern economy in today's sense and "money" costs nothing.
That will trigger very interesting consequences.
That will trigger very interesting consequences.
If at some point most enterprises run as "agent, make me money" without any humans, then money is a dead concept.
The whole modern society and capitalism exist on assumption of meritocracy: an entrepreneur takes the risks and provides the organization and gets the reward. If there is some perfect machine that always brings profits, there is no risk. Everybody can make such "organization" saying "/goal make me money". The current model also assumes that if you learn and work hard enough, then you get a success of some level. That assumption of the meritocracy also breaks.
If there is no organizational work, nor risks, nor meritocracy, nor "fair reward for hard work" the whole model fades. There are might be different rational choices. One is probably to liquidate the owners of the companies; nationalize the model's output and distribute the profits, for example. Still many questions about everyday life for completely jobless society will arrive then. It might be something else, but people generally do what they see fair, and they also want to eat something.
Ownership is a fragile idea, Russian Empire shows that pretty clearly. It exists only when most of the society agrees that the ownership is fair or when you have enough force to maintain it against those who don't, which is not the case when the majority is on the other side.
Your strongest point is “will people stand for a world with no jobs, where only a percentage of the population owns most things?” And the answer is who knows, people stand for a massive amount of inequality right now, and technology for suppressing the masses is getting much better every year. It’s a big unknown imo, and probably contingent on too many things to predict at all.
So AI’s will have some impact on the economy but it’s debatable how much and how long it will take.
If most of the population doesn't participate in the exchange, money is worthless. You can make numbers, but those are meaningless without the underlying exchange.
It's effectively a disruption of a modern society.
There are many millions of people in the USA who don’t work but own things. Some don’t work and own a lot of things
Say, you have 98 people who have literally nothing and no established way to obtain basic needs, and 2 people who has something based on whatever.
Say, these 2 people can close their needs by asking a magic machine to do something for them, or even exchange some goods between each other, but there is no economic sense to hire anybody.
Those 98 left aren't going to sit and die, watching.
Also what if it’s not 2 vs 98, but something more like 10 vs 90, or 30 vs 70? Or 50 vs 50? And this kind of thing doesn’t happen overnight. It happens over a generation, or at least a few decades.
Anyway, the point isn’t this will happen, the point is that really bad outcomes that are almost impossible to walk back from are completely within the realm of possibility. And we have no real way to predict where we’re headed. So people are rightly very afraid.