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by __loam
540 days ago
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> The mere delusion that AI will replace work has been used to justify mass layoffs. AI might be the excuse but the reason is the end of zero interest rates and blitzscaling along with resentment among business leadership that some members of the labor force were actually getting a good deal for once. |
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You can't claim wage earners have received a good deal when they are unable to support themselves with basic necessities, let alone a wife and three children (required for risk managing 1 surviving to have children themselves). This is largely why we have a problem with birth rate today with the old crowding out all opportunities for the young.
The problem you mention doesn't really have to do with AI. It comes down to purchasing power in the economy, not wages, and business has shown over decades they will not or cannot be flexible when it comes to profit.
Additionally, money printing puts both parties at each others necks through debasement of the currency. When the currency debasement (inflation) exceeds profit legitimate business not tied to a money printer leaves the market (no competition is possible).
When the only entities left in some proposed market cooperate, the market isn't a market, its non-market socialism without the requirements for economic calculation. This fails.
Neither parties in my opinion are getting a reasonable deal. Whose to blame? The cohorts of people printing money from nothing that call themselves central bankers.