Konstantin Kisin

Because AI will be another agent in the economy.

Just the way humans build things and consume things, AIs will also be not just building things, but consuming things even in the service of producing things for humans.

If you look at the amount of compute, right now, AI is being used a lot for software engineering.

We just can't get enough compute to do all the software engineering with the AI because you can use a lot more AI than we used in the past to build projects that we would have never dreamed of in the past.

because it was just not possible to throw out that much engineering talent in the past.

And so we'll have this dynamic more and more in the future where there's an endless amount of things to be done or things people will want.

Well, yeah, but then... Yeah, wages are gone.

So then there's rents on capital.

So if you have S&P 500 or something, that will probably go up a bunch, and you can use that to buy things in the future.

I think home value probably will not go up as much relative to capital relevant to AI.

But I do expect it will be accumulated by...

a smaller, smaller fraction of people.

So it will be some mixture of redistribution and capital that people hold.

Yeah.

I'm of two minds about this.

I think it's very possible that people learn to cope.

Like, in some sense, they will lose the thing that gives them meaning now.

And maybe it takes a while for a society to acclimate to what it means to have purpose in this civilization where...

the real work is done by AIs.

When you think about what humans have gone through over the last 10,000 years, our genes, we're supposed to be killing things on the Savannah in tribes of 100 people.