3 ms·
Every single investment aimed at deploying labor-saving innovation has the impact of reducing the number of workers you need per unit of output. That does not
by ETH_start 2mo ago
Every single investment aimed at deploying labor-saving innovation has the impact of reducing the number of workers you need per unit of output.
That does not mean fewer jobs, it means that jobs graduate to higher order ones that produce more, and it means more goods/services chasing the fixed supply of workers, translating to deflation (higher real wages / more purchasing power).
- DangitBobby 2mo agoAssuming there's no end to productive uses for labor, of course.
- ETH_start 2mo agoThere's no end, because AI is deliberately not given full human capabilities. Human beings are dangerous, and no company wants to create AI that can pose the same danger. But those same capabilities that make humans dangerous also let them do tasks that AI cannot.