Alex Imas

It's important that this is... We're not talking about a hypothetical future.

Elon Musk is talking about mass drivers on the moon.

And he's by far the wealthiest person in the world.

I mean, obviously, currently his...

his investments are going towards humans as well as machines, but I don't think he cares particularly that is like future researchers and engineers are humans versus AI.

Not necessarily.

I think you're probably making the same point.

But I mean, they could just, it could be that their investment has to be titrated through actual laborers who had to go like do things for their investment to work, which like would not, in the future, only the consumption is human mediated, right?

Because the investment can just be done by the robots.

Yeah, that's right.

And I mean, to the earlier thing where the messy middle, we were saying why this is implausible.

I feel like we can do a similar thing here where for returns to capital to be lower, the growth rate has to have be lower, right?

I mean, it certainly has to be lower than what we're expecting through the period of transformative AI.

You know, if there's explosive growth.

So you're saying I could be putting my money towards...

You know, earning 30% interest and investing in data centers or whatever.

There'll be something in the future if the growth rate is high that earns high returns.

Or I could, as a result of all these technological breakthroughs, there's some cool product that I really want to buy right now.

And both of those will be compelling options.

Yeah, it doesn't have to be a new product.