From my perspective, even though AI is improving productivity; people are getting poorer and poorer. Why might that be?
Clearly there is inflation – and it seems that wages are not increasing in tandem. In Australia, the cost of housing is pushing most people to the limit of what they can afford to pay.
In essence, it seems that those who have money are becoming richer and those who don’t have money are becoming poorer. After all, it is the shareholders who reap the benefits of increased productivity from AI.
And the shareholders (who own the proceeds of AI-augmented production) demand maximum productivity – what does this look like?
Basically they demand that workers be as productive as possible (which increasingly means using AI) and accept the minimal salary they will accept.
This situation seems unsustainable to me – because it’s trending that 99% of people will be working poor across all areas of life.
The sign of the times is that the rich are getting richer and poor are getting poorer. The main differentiator seems to be owning capital.
People need to have capitalist mindset (by being entrepreneurs and investors) to be on the side which is breaking away. Those being left behind need to demand a fair go from their leaders.
How to do this without scaring away capital in the globalised financial system seems to be confounding factor and suggests the international institutions such as the UN and the Catholic church needs to take a more active role.