If AI Takes All Of Our Jobs... Who's Going To Buy Everything?

Companies are increasingly using AI to automate jobs, leading to job losses and increased efficiency. AI is predicted to affect almost half of all global jobs, especially in legal and engineering fields.

Labor reduction systems, including AI, have already cut millions of man-hours, making workers more efficient. AI is used to replace staff or teams entirely, leading to reduced expenses for companies.

Companies using AI in contact centers have significantly reduced headcount and expenses. Adding AI to contact centers led to lay-offs of employees, affecting companies within just a year.

Companies may struggle with reduced revenue as automation reduces employment rates. The trend of catering to wealthy individuals and using automation to cut costs is already observable in industries like video games.

The gaming industry's profit strategy involves catering to wealthy players, known as 'Whales,' who spend large sums on in-game perks. This strategy focuses on high-profit players, showcasing a shift towards catering to the wealthy.

There is a growing market for extreme luxury items like high-end cars, luxury groceries, and private jets. Wealth inequality is evident as billionaires get richer, and more rich individuals emerge, leading to increased sales of luxury goods.

The concept of universal basic income is discussed as a potential solution to the automation of human labor. Studies and experiments on UBI demonstrate mixed results in terms of financial impact on individuals and society.

A UBI experiment in Texas and Illinois showed mixed results, with recipients earning less after receiving payments. The study highlighted changes in employment patterns and the impact on financial well-being and mental health.

The future of work with automation and AI is uncertain, with a focus on the value of human work decreasing and asset values increasing. Policy solutions like UBI are considered in response to the changing labor landscape.

Investments in AI and automation aim to replace human labor, impacting employment and income distribution. The discussion addresses the shift towards investing in technologies that replace workers and the implications for society.