Imagine this scenario:
- All companies start producing mostly using only AI and firing people, because people have no use anymore
- Joe spend most of his income on digital video games products
- Joe get fired because he got replaced by AI now, since AIs are taking over most jobs
- Joe has no income anymore
- Joe doesn’t have any more money to spend on video games
- Companies have no more profit, because people don’t have income, so people can’t spend on their AI produced products
In this scenario both lose, the company adopting AI and the worker. Am I missing something? Is there any possibility besides Universal Basic Income to keep the system running and not collapsing?
Yes. Correct. You just described the stock market. And all of those companies require a consumer to purchase good and/or services from the company that is being bought and sold.
Those companies that you are describing have to report earnings. They have to be profitable for investors to invest.
If a company doesn’t report earnings it doesn’t matter how much insider trading occurs.
There are also other markets. Like in China and the European Union.
In fact, the capital of finances is often times considered London of all places.
It’s just a complete lack of education in economics. It’s insane.