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AI won't take your job, might shrink your wages, European Central Bank reckons
(www.theregister.com)
this post was submitted on 30 Nov 2023
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Technology
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If 10 farmers can make enough to feed 100 people, and new tech comes out that makes it possible for 5 farmers to make enough to feed 100 people, the ideal scenario is that now all 10 farmers should only have to work half as much. What usually ends up happening is that half the farmers are laid off so the boss at the top can pocket the extra money.
This is how we end up with enough resources to feed, clothe and house everyone but still have people living in poverty. Because the system is no longer designed to provide for people, it's meant to make profit for capitalists. It makes technological progress a negative instead of the positive of should be.