Jeffrey Sachs

And then we have the CEO class, of course, and we have Anduril and we have Palantir.

We have all of the big tech companies.

They're having a glorious time.

War is good business and things are revving up.

There are two things going on.

One is exactly what you said, and it's a deep trend which did not start with AI.

It started with automation robotics already more than 40 years ago.

And we see it in one key, very interesting number.

You can take the national income in the United States and ask what part goes to workers and what part goes to capital income.

And when I was a student of economics in graduate school decades ago, in the late 70s, we used to say that the share that would go to workers was about two thirds of the total national income.

Now, just the most recent data puts it at about 50%.

In other words, it's gone from about 0.65 to 0.5.

is a big deal.

What's happening is more and more of the national income that's produced is going to profits, is going to corporate earnings, is going to rents, to ownership of patents and so forth.

And what workers get

is absolutely falling as a share, but for a great part of our society, what workers get is falling in absolute terms.

And AI will speed that up.

Artificial intelligence substitutes these algorithms for human labor and whatever anyone says

This is a process that's been going on for decades and wages are stagnant or falling for those segments of the labor force where that substitution can occur.

Let's say 30 years ago, it was people on the assembly line.