Earlier quoted context omitted.
> Like do people think that these AI companies will create some superintelligence, suck up all the financial benefits of that, and then just decide to share it with the rest of us out of kindness? I don’t get this. It’s like worrying in 1960 that the companies that invented computers will hoard the benefits of computing. It doesn’t make any sense. There is no secret formula to any of this. The math underlying the mod…
>It’s like worrying in 1960 that the companies that invented computers will hoard the benefits of computing. It doesn’t make any sense. Not only is that exactly what happened, they weren't satisfied with accumulating most of the wealth produced by it, they've also taken it upon themselves to take over democracy and media and act like a state within a state. You only need one statistic to understand America today, tha…
Having a college degree was a much more selective measure in 1970 (about 10% of the population) than today (almost 40%). Consider a large law firm. In 1970, the only 4-year degree holders would have been the attorneys. A lot of work would have been done by well-compensated paralegals with high school diplomas. Today, everyone down to the receptionist will have a degree and the non-degree holders would basically be the maintenance and cafeteria staff.
So using your math, the income of non-college workers at the law firm could be stagnant from 1970 to today, even if the income of each specific position had increased significantly.