I'm not arguing it's a bubble. I'm arguing it's not going to be a "gigantic benefit" for society.
> Will also be good for consumers in the long-term: much faster pace of drug discovery and new tech generally.
Medicine and tech that knowledge workers won't be able to pay for without a job. I also don't think "new tech" is necessarily a good thing societally.
The calculus is easy, really: AI makes 100% of my income worth less but only decreases the cost of a fraction of my expenditures. AI is bad for anyone that works for a living. That's pretty much all of society except for the top x%.
More productivity at same cost = More profit for companies.
Also, the cost of most of the stuff I (have to) buy (i.e. rent, groceries, ...) is not dominated by the wage of knowledge workers.
Or to put it differently: If AI makes me lose my job but doesn't decrease my rent, I'm in a really bad position.
> More profit for companies
Agreed. So I don't think it's a bubble.
Will also be good for consumers in the long-term: much faster pace of drug discovery and new tech generally.
> Agreed. So I don't think it's a bubble.
I'm not arguing it's a bubble. I'm arguing it's not going to be a "gigantic benefit" for society.
> Will also be good for consumers in the long-term: much faster pace of drug discovery and new tech generally.
Medicine and tech that knowledge workers won't be able to pay for without a job. I also don't think "new tech" is necessarily a good thing societally.
The calculus is easy, really: AI makes 100% of my income worth less but only decreases the cost of a fraction of my expenditures. AI is bad for anyone that works for a living. That's pretty much all of society except for the top x%.
Soo where is that deflation? Bc from what I see all of that extra productivity is landing in the pockets of shareholders
Right, so not a bubble then
I don't think I need email marketing spam or useless apps to be cheaper.
The hard trades and manual labor services we consume for everything that matters daily? That's not going to be made cheaper by AI.
*To sell, not to buy.
This lie is still being spread in economics classes?
No clue