Hobbs512 t1_j9dnzwq wrote on February 21, 2023 at 3:51 AM

Reply to comment by reidlos1624 in What about the jobs ChatGPT could create? by Ok-Cartoonist5349

Businesses have a habit of growing when productivity increases occur and they scale-up. But is it feasible for every industry and company to do this indefinitely? What if we start producing an over-supply of goods and services? Surely that would contribute to deflation no? Obv it's more complicated than just that tho. But of course a company in a capitalistic economy is going to take steps to increase profits and they don't do that as well when they start paying their employees higher wages.

reidlos1624 t1_j9dwhcr wrote on February 21, 2023 at 5:09 AM

Right, which is why I think we need to move past capitalism. Capitalism does some stuff really well (the whole problem of scarcity as seen by developments of industrialization and automation) but even Adam Smith saw the dangers of wealth being concentrated at the top and wrote about the duty of the government to regulate industry and capital. AI and automation may finally force us to change our perspective on the notion that profit is the only good thing and start focusing on the well being of the people, since that is the government's primary goal. We see right now how profits over people hurt the economy as the largest and wealthiest corporations record record profits while the inflation they created is sucking the middle and lower class dry.