alt Hacker NewsSo we have a bunch of billionaires sitting around, surveying a world where a much smaller amount of labor will produce a much larger amount of output, and they collectively decide not to hire that labor or spend capital on the technology that generates that output in combination with that labor because… they have enough money already?
No, ffs. You are missing that if they can do whatever they want with just "a small amount of labor", then the whole system gets to a point where Capital becomes the bottleneck for global productivity. People can not be trained faster than the machines can be created, so all that capital will go to an increasingly smaller number of workers.
To illustrate the point: Facebook laid off thousands of developers at the same time that it was hiring AI researchers, paying them tens of millions of dollars as a signing bonus.