> If automation reaches the point where 99% of humans add no value to the "owners" then the "owners" will own nothing.
I don't think that's right. The owners will still own everything. If or when that happens, I think the economy would morph into a new thing completely focused on serving the whims of those "owners."
> If or when that happens, I think the economy would morph into a new thing completely focused on serving the whims of those "owners."
I think you might be a little behind on economic news, because that's already happening. And it's also rapidly reshaping business models and strategic thinking. The forces of capitalism are happily writing the lower and middle classes out of the narrative.
>> If or when that happens, I think the economy would morph into a new thing completely focused on serving the whims of those "owners."
> I think you might be a little behind on economic news, because that's already happening. And it's also rapidly reshaping business models and strategic thinking. The forces of capitalism are happily writing the lower and middle classes out of the narrative.
No, that doesn't surprise me at all. I'm basically just applying the logic of capitalism and automation to a new technology, and the same thing has played out a thousand times before. The only difference with AI is that; unlike previous, more limited automation; it's likely there will be no roles for displaced workers to move into (just like when engines got good enough there were no roles for horses to move into).
It's important to remember that capitalism isn't about providing for people. It's about providing for people with wealth to exchange. That works OK when you have full employment and wealth gets spread around by paying workers, but if most jobs disappear due to automation there's no mechanism to spread wealth to the vast majority of people, so under capitalism they'll eventually die of want.
What would they get from the plebs? Suppose we went through The Phools and so the plebs were exterminated, then what? Perhaps we'd finally have Star Trek economics, but only for them, the "owners". Better be an "owner", then.
> Perhaps we'd finally have Star Trek economics, but only for them, the "owners". Better be an "owner", then.
I don't think we'll have Star Trek economics, because that would be fundamentally fair and egalitarian and plentiful. There will still be resource constraints like energy production and raw materials. I think it will be more like B2B economics, international trade, with a small number relevant owners each controlling vast amounts of resources and productive capacity and occasionally trading basics amongst themselves. It could also end up like empires-at-war (which actually may be more likely, since war would give the owners something seemingly important to do, vs just building monuments to themselves and other types of jerking off).
Consider being a significant shareholder in the future as analogous to citizenship as it exists today. Non-owners will be persona non gratae, if they're allowed to live at all.
See also: Citigroup's plutonomy thesis[1] from 2006
tldr: the formal economy will shift to serving plutocrats instead of consumers, it's much more profitable to do so and there are diminishing returns serving the latter
Who do they think will make their ventures profitable? Who do they think will take their dollars and provide goods and services in exchange?
If automation reaches the point where 99% of humans add no value to the "owners" then the "owners" will own nothing.