Konstantin Kisin

And in fact, it doesn't just go to capital per se, it doesn't just go to

I mean, it goes to capital holders, but it disproportionately goes to the parts of capital that are most exposed to AI.

So the purchase that most Americans have to capital is through their homes.

A house is maybe the... If you're trying to design an instrument that is going to be the least implicated in the AI takeoff, it would be a random plot of land

near other humans, because humans won't matter in this future economy, that is not connected to the infrastructure for AI, to electricity, in a big way, etc.

But really what the capital that will matter is you have equity in these AI companies.

You have equity in companies that build more compute, build more data centers, build more factories.

It's a very small fraction of capital holders, in fact, the ones that are going to get the rents from our economy.

Now, I'm a very libertarian person by inclination, but if I just look at this dynamic, I'm forced to say, look, this justifies a huge amount of redistribution because the logic for free markets

is there's many different reasons um a big one is signal right so if you let prices be determined by the market it tells people what is the most acute valuable need for scarce resources that will still continue being the case and so um there should still be elements of markets in the future but another big part of his incentives is to incentivize people to work hard to make productive things and if all the work is being done by ais that will work hard

and do valuable things regardless of whether they get a $10 million payment, or more precisely, whether the person who owns the AI gets paid $1 billion or $100 billion or whatever, then I think that the logic of extreme libertarianism is really much weaker, right?

It does justify a lot more redistribution.

Right.

I mean, especially because...

Historically, you have a revolution because most of the people in your military... You have to win over your military.

You have to win over the government.

You have to just, like... Your government runs on the people you need to command.

And so revolutions are possible because it would be easy for the robots to do revolution because they're running the society in the future.

For the humans, we're not.

It's sort of equivalent to, like...