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In the AI Economy, There Will Be Zero Percent Unemployment

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Re: In the AI Economy, There Will Be Zero Percent Unemployment

#51

Post by skhunted »

randomdata wrote: post #47
skhunted wrote: post #45

Earlier quoted context omitted.

If it weren't lacking, what reason would there be for me to talk about it? In case you don’t know this there are people knowledgeable about a topic who also talk about that topic.

For extrinsic financial gain, sure, but that doesn't apply here. The only potential gain here is the possibility of learning something. Just as you have demonstrated yourself. You are no doubt knowledgeable in the subject, but have completely refused to talk about it, spending all your time focused on my character. Which is to be expected, as what more are you going to learn about the topic at hand? The only thing yo…

For extrinsic financial gain,…

This is not necessarily true. Sometimes people do things without financial gain.

Re: In the AI Economy, There Will Be Zero Percent Unemployment

#52

Post by randomdata »

skhunted wrote: post #51
randomdata wrote: post #47

Earlier quoted context omitted.

For extrinsic financial gain, sure, but that doesn't apply here. The only potential gain here is the possibility of learning something. Just as you have demonstrated yourself. You are no doubt knowledgeable in the subject, but have completely refused to talk about it, spending all your time focused on my character. Which is to be expected, as what more are you going to learn about the topic at hand? The only thing yo…

For extrinsic financial gain,… This is not necessarily true. Sometimes people do things without financial gain.

Right. People will also discuss topics in order to learn.

Re: In the AI Economy, There Will Be Zero Percent Unemployment

#53

Post by randomdata »

syrgian wrote: post #50
randomdata wrote: post #33

Earlier quoted context omitted.

> H&R block, if any, will allocate more to share buy backs Okay, but then whomever owned the share previously and accepted the profit in exchange for giving the share back now holds the profit instead. What are they going to do with it?

Buy houses and lots, keep them empty, and speculate on their value. Or just build their 6th mansion that uses a plot of land that could fit 400 apartments, keeping the people underneath them commuting 1 hour from their 80 square meter apartment.

> Buy houses and lots, keep them empty, and speculate on their value.

But then the profit is given to whomever previously owned the property. What are they going to do with it?

> Or just build their 6th mansion

That puts people to work, violating the premise here.

Re: In the AI Economy, There Will Be Zero Percent Unemployment

#54

Post by randomdata »

leereeves wrote: post #48
randomdata wrote: post #27

Earlier quoted context omitted.

The only way to “extract wealth from others” is to put them to work.

> The only way to “extract wealth from others” is to put them to work. I guess you're thinking of people who have no assets. In that case, you're right, when people have no other wealth their labor is all that's left to extract. (And all they have left to trade for their daily expenses.) What happens to people with no other wealth in an AI economy where labor has little value? That's a scary thought.

> I guess you're thinking of people who have no assets.

Even of those who do. Wealth cannot be extracted from existing wealth.

> What happens to people with no other wealth in an AI economy where labor has little value? That's a scary thought.

Will people with AI be happy to metaphorically scurry off into the forest and life alone with nothing other than their AI? So long as there is value in human-to-human social interaction, there will be value in labour. The labour may not resemble anything we can imagine today, but it will be there in some form.

And even if we assume that those with AI do go off and live life alone in the forest, those who don't have AI will still need other people in their lives, so labour will continue to hold value within that subset of the population.

Alternatively, those with AI may freely share it with all, creating a post-scarcity society. That's probably not so scary. Hell, entire societies have upended everything in hopes of being able to transition into a post-scarcity world. It is generally considered a welcome future, not something to fear.

Re: In the AI Economy, There Will Be Zero Percent Unemployment

#55

Post by randomdata »

leereeves wrote: post #49
randomdata wrote: post #33

Earlier quoted context omitted.

> H&R block, if any, will allocate more to share buy backs Okay, but then whomever owned the share previously and accepted the profit in exchange for giving the share back now holds the profit instead. What are they going to do with it?

Some will buy second or third homes, and lobby to prevent new development in more markets.

> Some will buy second or third homes

Which, again, merely trades the profit to whomever previously owned the homes. What are they going to do with the profit?

Re: In the AI Economy, There Will Be Zero Percent Unemployment

#56

Post by yowzadave »

randomdata wrote: post #27
skhunted wrote: post #17

Earlier quoted context omitted.

Exactly. Rich people tend to horde their wealth and seek more. When they have an opportunity to extract wealth from others they do so. The increase in economic growth from this extraction is minimal in comparison to the amount extracted.

The only way to “extract wealth from others” is to put them to work.

Poor people spend a larger share of their income (and therefore put it to productive use stimulating the economy, hiring people, etc). Rich people tend to hoard their pile, and spend a smaller portion of it.

Re: In the AI Economy, There Will Be Zero Percent Unemployment

#57

Post by yowzadave »

randomdata wrote: post #53
syrgian wrote: post #50

Earlier quoted context omitted.

Buy houses and lots, keep them empty, and speculate on their value. Or just build their 6th mansion that uses a plot of land that could fit 400 apartments, keeping the people underneath them commuting 1 hour from their 80 square meter apartment.

> Buy houses and lots, keep them empty, and speculate on their value. But then the profit is given to whomever previously owned the property. What are they going to do with it? > Or just build their 6th mansion That puts people to work, violating the premise here.

You should familiarize yourself with the actual research on this topic, since ill-informed speculation on well-studied topics doesn't contribute to a helpful discussion. The subject you want to study is called "marginal propensity to consume."

Re: In the AI Economy, There Will Be Zero Percent Unemployment

#58

Post by [deleted] »

yowzadave wrote: post #57
randomdata wrote: post #53

Earlier quoted context omitted.

> Buy houses and lots, keep them empty, and speculate on their value. But then the profit is given to whomever previously owned the property. What are they going to do with it? > Or just build their 6th mansion That puts people to work, violating the premise here.

You should familiarize yourself with the actual research on this topic, since ill-informed speculation on well-studied topics doesn't contribute to a helpful discussion. The subject you want to study is called "marginal propensity to consume."

[deleted]

Re: In the AI Economy, There Will Be Zero Percent Unemployment

#59

Post by randomdata »

yowzadave wrote: post #57
randomdata wrote: post #53

Earlier quoted context omitted.

> Buy houses and lots, keep them empty, and speculate on their value. But then the profit is given to whomever previously owned the property. What are they going to do with it? > Or just build their 6th mansion That puts people to work, violating the premise here.

You should familiarize yourself with the actual research on this topic, since ill-informed speculation on well-studied topics doesn't contribute to a helpful discussion. The subject you want to study is called "marginal propensity to consume."

> You should familiarize yourself with the actual research on this topic

That's why we are here, but, frankly, I'll take ill-informed speculation over whatever the hell this is. What on earth is the point of using a discussion forum if you are going to outsource the useful words to other people? If they wanted to contribute to the discussion, they would do so themselves.

In fairness, perhaps you accidentally hit submit before you were finished?

Re: In the AI Economy, There Will Be Zero Percent Unemployment

#60

Post by amayne »

nextworddev wrote: post #14

This is a really poorly argued article, not sure even where to start dismantling the author's arguments. (Almost feels like ChatGPT wrote this article). But let's start with this "If H&R Block could replace 90 percent of its seasonal employees with AI, it would see its profits skyrocket, given that labor is its biggest expense. Those profits would be reallocated elsewhere, that would increase the potential for even m…

Original author here (not ChatGPT):

My claim is that H&R Block would replace all their workers for more efficient AI if it was more profitable. Then they would re-invest that money in the most productive way they can – other companies, etc. This is the same strategy as Apple, Microsoft and other companies do with large amounts of cash.

I don't claim H&R Block would be directly creating new jobs. They would try to maximize profit by investing their profits and diversifying.

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