>like retraining people whose jobs have been automated away
In the scenario I am describing, this is not possible.
Yes I am aware of the luddites. I also strongly believe that a threshold exists where technology can outperform humans in every conceivable way, and we will cross that line one day. FWIW, complete collapse of our (current) economic system would occur well before we reach that line anyways. If even 50% of humans were displaced by technology you would likely see violent revolution. Consider the impact of the US great depression, where just under 25% of people were unemployed...
> In the scenario I am describing, this is not possible.
Ok, I wasn't sure how you meant your comment, so I addressed the more plausible (although less literal) interpretation. Thanks for clarifying though. I imagine your scenario is theoretically possible, but it's science fiction for the foreseeable future, so I'm not very concerned about it. That said, it's interesting and I often think about it; I'd be really interested to hear economists opinions.
In the scenario I am describing, this is not possible.
Yes I am aware of the luddites. I also strongly believe that a threshold exists where technology can outperform humans in every conceivable way, and we will cross that line one day. FWIW, complete collapse of our (current) economic system would occur well before we reach that line anyways. If even 50% of humans were displaced by technology you would likely see violent revolution. Consider the impact of the US great depression, where just under 25% of people were unemployed...