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In a post scarcity society, it doesn't make so much sense to talk of dollars. If these heady futures of AI do come to fruition, then the cost of "stuff" trends
by zizee 6y ago
In a post scarcity society, it doesn't make so much sense to talk of dollars.
If these heady futures of AI do come to fruition, then the cost of "stuff" trends towards zero. We've sort of seen this already playing out since the industrial revolution, and more recently outsourcing manufacturing to countries with very cheap labour. It used to be that it would take a week's wages to buy a pair of pants. Now you can buy a cheap pair for an hour of minimum wage.
So what has happened? People's expectations have increased, and more and more of people's incomes get shifted to focus on the physically scarce e.g. desirable land.
Stuff (and most labour value) will trend toward zero, and land will trend toward the infinite.
If we do get to a "post scarcity" economy, we really need to ensure no one person/company controls too much land. At a certain point, most labour will not be exchangeable for enough $$ to trade for land, and you'll have very little economic mobility for the majority.
At this point one might expect revolution, but AI would also upset the balance of physical projection of power the masses currently have over the few.
Interesting to think about!
- walterbell 6y ago> Stuff (and most labour value) will trend toward zero, and land will trend toward the infinite. We're already in a post-scarcity society for: - open-source software - streaming audio/video - social media .. and probably other sectors? Each has their own scarcity dynamics and network effects, but the price of "stuff" has indeed trended towards zero. US is currently experiencing a housing/land shortage in desirable regions outside of big cities.
- danielscrubs 6y agoFormer McDonald’s CFO, Harry J. Sonneborn, is even quoted as saying, “we are not technically in the food business. We are in the real estate business. The only reason we sell fifteen-cent hamburgers is because they are the greatest producer of revenue, from which our tenants can pay us our rent.” https://blog.wallstreetsurvivor.com/2015/10/08/mcdonalds-beyond-the-burger/ https://blog.wallstreetsurvivor.com/2015/10/08/mcdonalds-bey...
- loopz 6y agoWhich explains the quality and healhiness of the product.