The idea that AI would be bad for the economy or society had the appearance of sensibility when we were stuck in secular stagnation with inflation refusing to get off the ground. It was possible to argue that demand just wasn't going to catch up fast enough.
Now, though, we have inflation. It's back: the bad news is inflation sucks, the good news is that the standard theory has something to say about this situation, and it's the Parable of the Broken Window. As long as demand keeps up, we can expect an increase in supply efficiency (automation) to improve wealth (roughly) across the board.
Now, though, we have inflation. It's back: the bad news is inflation sucks, the good news is that the standard theory has something to say about this situation, and it's the Parable of the Broken Window. As long as demand keeps up, we can expect an increase in supply efficiency (automation) to improve wealth (roughly) across the board.