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AI will reduce workforce, say 41% of execs in a survey
(www.theregister.com)
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this post was submitted on 07 Apr 2024
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I always ask myself who will buy the products these companies produce if all the workers have been fired. Maybe inflation is just the natural ramp up to McDonald's charging 5,000 dollars for automated chicken nuggets when there are only billionaire left with money lol.
When it's cheaper to make the products because you don't have to pay anyone, people will look at that manufacturer and think... wow I can start a business like that and make an easy profit? Competition will drive down prices.
I think their point is that when everyone's income is $0/hr price becomes pretty much irrelevant (unless also $0)
If they gain decent market share, they will be bought by one of the two or three companies that owns the entirety of that manufacturing category. If they don't, the incumbents will lower prices until the new thing is out of business. In either case, the prices bounce back, and even increase because of "inflation."
Always be competition if the profit margin is large
There's one missing piece here, and it's startup capital. You don't usually see new chemicals manufacturers for instance, because you need a lot of money to buy everything to start with.
Large existing corporations will expand the industries they are involved in and take advantage of the ease of entry with AI. The have plenty of capital and won't sit on their hands when golden opportunities are a few purchases away.