[nullorempty]

> We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs.

What he hopes for is to just reduce the number of people they employ. So the "more people doing other types of jobs" just makes the message more palatable.

Suppose all companies follow the suite who is going to buy their crap?

[gruez]

>Suppose all companies follow the suite who is going to buy their crap?

There's no way that paying for a bunch of employees that you don't need, just so you can have some customers, is going to make sense. Even if you're operating a company town, only a fraction of their income is going to be spent on your company's goods/services, so you'll never be able to recoup the wage that way.

[arnonejoe]

I think what he is trying to say is if there is mass unemployment as a result of "all companies following suit", no one will be able to buy their products.

[satyrun]

Blue collar workers won't have this problem for a very long time.

It seems obvious that many white collar workers today will have to do something involving physical labor at some point in the future.

I expect I will be facing this in my mid 50s. Really not ideal timing.

[drewbeck]

Maybe not with AI, but blue collar workers suffered in the same way bc of job flight and automation in decades past.

[ITB]

Capitalism is the relentless pursuit of efficiency. It will work out.

[drewbeck]

You’ve mistaken a sometimes-emergent property of the system with the fundamental rules of the system itself.

[nullorempty]

More a pursuit of short term profit I'd think.

[slater]

Efficiency so high, they've convinced us to help them pull up the ladder!

[vajrabum]

American capitalism in the 2020s is no such thing. It's goosing this quarters numbers so the management can get their incentive bonuses and stock and buying buying business advantage from the legislature.

It's all in Adam Smith and economic history.

[lucianbr]

That's why there's no such thing as regulatory capture or monopolies or rent-seeking, right? They just don't happen in capitalism, because they are inefficient.

[Mawr]

The best way to increase efficiency is to externalize costs. E.g. by polluting the environment with your coal plant. The taxpayer takes on the burden of the cleanup and the company gets pure profit. So efficient. Capitalism is beautiful.