With the introduction of automation, over 80% of manual labor jobs will be eradicated. Quite a number of high skilled jobs can be taken over by self-learning AI as well. Lots of people doubt the inevitable for reasons including AI’s current imperfect state. but they are missing the big picture.
There are two major factors for implementation: Profit margins and Performance.
Why is it that clothing companies and monopolies still use child labor in third world countries? Because shaving off that extra penny per production cost generates them millions in revenue. A corporation’s intentions are not to be inhumane, but to focus on profiting from their investments. Also, no one cares if the AI’s generated code is messier or more inefficient than a human coder’s. If it performs well enough to function with little to no upkeep, companies will use it instead.
A major reduction in labor will force societies to implement universal basic income. Countries will have to adopt some practices of socialism. So what does this mean for a majority of the population that isn’t working because there aren’t enough management positions or otherwise? A best-case scenario might be a huge focus on the arts and academia. Information becomes even more of a powerful commodity. A worst-case scenario is a meritocratic or nepotistic class-based system, where everyone is fighting for the few jobs.
Regardless of what happens, within the next century, we will see a radical shift to the power of social influence. The dollar itself is really just a means of leveraging power through value. Its function as a middleman becomes largely irrelevant when there are more efficient ways to directly quantify social influence and demand for resources.
These resources are commodities and information.