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But you can acknowledge that there may be a real scarcity of work for people who have low IQ? In the past, there was always manual labor, which could soak up all labor so long as aggregate demand in the economy was great enough -- and the best way to ensure sufficient aggregate demand, in the past, was typically a combination of productivity gains and sufficient monetary creation. But what happens when all the work that can be done by low IQ people is automated? You might be willing to respond with "New forms of work will open up that will allow for the employ of those people with low IQs". However, I am asking you to consider the hypothetical where every such form of work is eventually automated by machines that have sufficiently advanced AI. Between 1850 and 1973 there were immense improvements in labor productivity that completely transformed the world, and for a long time the rising productivity created more new jobs, rather than less. But going forward, we face a situation where increasing automation will still create new wealth, and it will still create huge improvements in labor productivity, but the improvements will only be available for those who have enough IQ to understand the technologies in use. And much of this scenario might come to pass during the next 50 years. But imagine even further afield -- imagine 200 years now. Do you think the period 1850 to 1973 offers a reasonable model to think about, say for instance, economic growth between 2100 and 2200? What happens if there comes a day when absolutely everything is automated and humans no longer need to work? We have reached utopia, yes? But you can probably see where I am going with this: eventually there needs to be some way to provide an income to people, when the day eventually comes when no one needs to work. |
I never understand the logic of this argument. If everything is automated and everyone is provided for (this is a utopia, after all), why would people need an income? By definition, if people do not need to work, then they do not need an income. The need to work and the need for an income are the same thing, just worded differently.