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If we project out even a few decades, it's looking like corporate automation is going to put a permanent ceiling on wages for anyone working outside of corporat
by zackmorris 8y ago
If we project out even a few decades, it's looking like corporate automation is going to put a permanent ceiling on wages for anyone working outside of corporations. Products and services will get cheaper and cheaper (approaching free) but nobody will have any money to buy them with. If we argue for everyone joining corporations then we get fascism. If the majority want to live outside corporations then we end up with Luddism and vast underemployment. Other than global climate change and loss of biodiversity, this will likely be the great problem of our time.
If we look at the endgame around 2040 or 2050 (assuming there's no strong AGI singularity yet but that we have widespread weak AI) then a lot of people are going to be out of work or doing menial work that wastes all human potential. We're seeing that today as large swaths of the economy get eaten by non-productive work like finance, management, bureaucracy, etc. Also roughly 5 billion people in the world work in farming, mining, timber, manufacturing, etc but are underpaid by roughly 100:1 because they have little education or leverage to demand more for their families.
So honestly, the next economy after unregulated capitalism is probably going to look like highly-automated corporations that are taxed at a high rate (perhaps 90% eventually) where the tax revenue is redistributed as universal basic income (UBI). One reason why this is probably inevitable is that robots don't pay into social security or other safety nets. If we don't want people starving in the streets then that revenue has to come from somewhere, and the most proven revenue stream we have is corporate profits. So Austria appears to be one of the trend setters.
I don't see many other viable alternatives at this point, so am open to suggestions!