The next decade could be a repeat of the 1890's. Economic crisis, depression lasting for 5 years, unemployment, bank failures, deflation, political tension; but at the same time rapid productivity growth throughout new technology employed in industry, and the wide adoption of machinery in agriculture.
One crucial difference: the deflation occured as part of increased productivity combined with the gold standard, prohibiting the expansion of the money supply. This last condition is not fulfilled today: the money supply will be expanded to service government debt. This inflationary pressure might shortterm not be enough to offset AI's deflationary pressure.
*One note about abundance: I believe most people living only a century ago, let alone several centuries ago would consider our world to be already a massive world of abundance. Abundance is relative. What people expect and want out of life will adapt to new living conditions, and keeping up with the Joneses will be an eternal trend I'm afraid.
Great article. Thank you.
The next decade could be a repeat of the 1890's. Economic crisis, depression lasting for 5 years, unemployment, bank failures, deflation, political tension; but at the same time rapid productivity growth throughout new technology employed in industry, and the wide adoption of machinery in agriculture.
One crucial difference: the deflation occured as part of increased productivity combined with the gold standard, prohibiting the expansion of the money supply. This last condition is not fulfilled today: the money supply will be expanded to service government debt. This inflationary pressure might shortterm not be enough to offset AI's deflationary pressure.
*One note about abundance: I believe most people living only a century ago, let alone several centuries ago would consider our world to be already a massive world of abundance. Abundance is relative. What people expect and want out of life will adapt to new living conditions, and keeping up with the Joneses will be an eternal trend I'm afraid.
Getting Déjà vu seeing another AI article
That is why I also own Amazon.
Elon Musk on the other hand is just hot air.