Comments by "yapdog" (@yapdog) on "Why AI Will Spark Exponential Economic Growth | Cathie Wood | TED" video.

  1. Say you have 2 employees, Paul and Joe. They both do the same job that requires a lot of mental work. Paul starts using AI to make some of these task easier, taking less time. Soon he's able to complete his work in fraction of the time, and take on some of Joe's workload. Over time, Paul relies more and more on AI to the point where you have no need for Joe. Why in the world would any employer in his right mind keep Joe on the payroll? Especially in a system that tends to reward companies for reducing payroll (publicly traded companies). Okay, people like Cathie Wood would argue that your company can produce more if Joe is kept on. Not all jobs are in the direct production pipeline. Some jobs fall under management and administration and support. Further, producing more doesn't work in all business models or markets, and is no guarantee of success. Joe will be out of a job, plain and simple. And so, too, will Paul as employers would be able to outsource more tasks to AI services. Paul and Joe may be able to do one-off jobs on such a service... but at a significant reduction in income, requiring them to find supplemental work... if they can. So, if anyone tries to sell you on the idea that wages and opportunities will increase with AI, examine the source. Thoroughly.
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