Comment by Animats
10 hours ago
> There's only one problem with comparing urbanization with the AI transition: there were still jobs that the workers moving from farms to urban centers could do. Instead of planting and harvesting, they made things in factories or became professionals.
Mostly for export, in the case of the Asian tigers and China. Once wages reached developed world levels, an export-driven economy gradually became harder to sustain, because there was no longer a labor cost advantage. This is why Party leadership talks about "dual circulation", building up domestic demand within China, and about obtaining a technological edge that continues to make exports profitable. There's been considerable progress on both goals, especially in consumer electronics and the auto industry.
> The person who went from catered meals and foosball at the office to framing a house when it's 20 degrees F for a third of the money, none of the future, and a lot more body aches is going to be angry.
Yes. That happened to Egypt, where the government paid for college and then hired the graduates. Then the oil ran out. It's called "elite overproduction" when new college graduates can't get jobs that actually use their education. Already, in the US, about half of college graduates have jobs that don't really need a college education.
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