It's Still Easier To Imagine The End Of The World Than The End Of Capitalism

I. No Set Gauge has a great essay on Capital, AGI, and Human Ambition, where he argues that if humankind survives the Singularity, the likely result is a future of eternal stagnant wealth inequality. The argument: post-Singularity, AI will take over all labor, including entrepreneurial labor; founding or working at a business will no longer provide social mobility. Everyone will have access to ~equally good AI investment advisors, so everyone will make the same rate of return. Therefore, everyone's existing pre-singularity capital will grow at the same rate. Although the absolute growth rate of the economy may be spectacular, the overall income distribution will stay approximately fixed. Moreover, the period just before the Singularity may be one of ballooning inequality, as some people navigate the AI transition better than others; for example, shares in AI companies may go up by orders of magnitude relative to everything else, creating a new class of billionaires or trillionaires. These people will then stay super-rich forever (possibly literally if immortality is solved, otherwise through their descendants), while those who started the Singularity without capital remain poor forever. https://www.astralcodexten.com/p/its-still-easier-to-imagine-the-end