Machine learning impact on the economy will be increased productivity and abundance, but far less human labour and judgement. We may need a system focused on more than just efficient production that places greater prioritization on the less desirable side effects of capitalism.
- Historically, technology augmented and amplified human capability, which increased the productivity of human labor.
- if ML become superior in intelligence and job skill then humans less needed
- if ML can outperform humans even with retraining?
- RK: unlikely to find single intelligence outperforming multiple intelligence, at least until human simulation
- the top 10-20% of humans in the profession remain employed
- hopefully deflationarty pressures increase the purchasing power
- income redistribution may be required but should be a last resort