But fewer consumers of your products who are also earning less which means you can’t make up for it via higher prices. Taken to the hyped extreme AI means total economic destruction for labor and capital. In fact, unless it achieves self generation and maintenance of all supporting infrastructure and industrial inputs before this occurs then it’s the end of AI.
> fewer consumers of your products who are also earning less
This is a consequence of potentially collective, uncoordinated action. It's possible that every individual company says "it makes no sense to be paying this much for labor, i'm getting cheap AI/robots" and fires a ton of people everyone else be damned, and then runs into lower demand later because everyone else is doing it. So everyone acts in their immediate interest to be collectively worse off, not unlike... a bank run!
But fewer consumers of your products who are also earning less which means you can’t make up for it via higher prices. Taken to the hyped extreme AI means total economic destruction for labor and capital. In fact, unless it achieves self generation and maintenance of all supporting infrastructure and industrial inputs before this occurs then it’s the end of AI.
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