…but one element that hasn’t been discussed much is that AI can also cannibalize corporate earnings. If AI is taking away jobs, there are fewer people who have the means to buy goods. Robots are not consumers. That could result into a deflationary spiral as companies lower prices to meet less demand.
This idea right here may be the only thing that brings our current economic engine to a halt. Prices continue to rise as earning power declines. Now with non-consuming robots becoming the rage, who can afford to buy ANYTHING? Why doesn’t anyone in power see this inevitable future?