Earlier quoted context omitted.
> By replacing labour with robots and not compensating them, you're sending a clear message that you don't respect people and the value that they bring. Companies already send that clear message even without AI. That's why there's fear here: we expect companies to behave as they always have, and that is with a level of contempt for human workers.
What about as consumers then? Without workers who's going to buy anything? We have some serious logistics to figure out if we automate the majority of jobs away, and yet somehow all these companies are expecting people to still be able to buy their products.
The economy will shift to just addressing the wants and needs of those with wealth via luxury goods and services:
> How do we make money from this theme? We see two ways. The first is simple. If you believe, like us, that the Plutonomy exists, and explains why global imbalances have built up (for example the savings rate differentials), and you believe there is no imminent threat to plutonomy, you must in turn believe that the current “end of the world is nigh” risk premium on equities, due to current account deficits, is too high. Conclusion: buy equities.
> There is however a more refined way to play plutonomy, and this is to buy shares in the companies that make the toys that the Plutonomists enjoy.