Comment by tmoertel
10 hours ago
> Historically, what makes people with capital able to turn things into more capital is its ability to buy someone's time and labor.
You forgot to include resources:
What makes people with capital able to turn things into more capital is their ability to buy labor and resources. If people with more capital can generate capital faster than people with less capital, then (unless they are constrained, for example, by law or conscious) the people with the most capital will eventually own effectively all scarce resources, such as land. And that's likely to be a problem for everyone else.
Fair, though I don’t see how AI is really changing the equation here
AI doesn't change the equation; it makes the equation more brutal for people who don't have capital.
If you don't have capital, the only way to get it is by trading resources or labor for it. Most poor people don't have resources, but they do have the ability to do labor that's valued. But AI is a substitute for labor. And as AI gets better, the value of many kinds of labor will go towards zero.
If it was hard for poor people to escape poverty in the past, it's going to be even harder with AI. Unless we change something about the structure of society to ensure that the benefits of AI are shared with poor people.