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[Bilbo]

What confuses me is, if everyone loses their job to some sort of AI based tech, who will be able to earn enough to buy the products produced by these companies? Seems incongruous to me.

[tauzero]

1 hour ago, Bilbo said:

What confuses me is, if everyone loses their job to some sort of AI based tech, who will be able to earn enough to buy the products produced by these companies? Seems incongruous to me.

 

The enormous wealth generated will be shared out among the population so everybody will benefit.

 

Well, a few billionaires will become trillionaires, and everybody else will starve except the medical staff they will need to keep them alive for hundreds of years.

[BassTractor]

3 hours ago, Bilbo said:

What confuses me is, if everyone loses their job to some sort of AI based tech, who will be able to earn enough to buy the products produced by these companies? Seems incongruous to me.

Externalisation. The company board of directors thinks of the shareholders first and foremost, and the costs of the board's choices, as much as possible, are to be taken by society. They call this "sound thinking". In this, they trust the workers of other companies - companies that are less good at externalisation as they are themselves - will earn enough to buy these good and services.
The larger the company, the worse of an externalisation machine it is.

IMHO it's lame thinking, incongruous as you say, but that's the world of the myopic bean counting investors and decision makers.

[TimR]

3 hours ago, Bilbo said:

What confuses me is, if everyone loses their job to some sort of AI based tech, who will be able to earn enough to buy the products produced by these companies? Seems incongruous to me.

 

In the 1920s Ford introduced streamlined production lines which meant that employees only had to work 5 days a week. 

 

This left them with free time at the weekends to play bass guitar or run around sports fields, etc.

 

Currently most of us could work from home on a 3 day week and still be just as productive, but inertia is preventing that. A few companies will lead the way once the old guard have lost control and retired. 

 

In the 1980s we had computers that meant all those ladies in typing pools getting RSI could go and do more interesting and productive work.

 

I think AI is just another tool that we will be able to use in the same way to make things easier. 

 

People will move even less and get fatter. 

 

The people with skills to operate the AI tools and repair the machines will earn more money. 

 

 

Edited Tuesday at 20:01 by TimR