The Abundance Trap: Who Owns Our Future When Robots Do All the Work?

That Was The Week publisher Keith Teare argues we're “accelerating” toward an age of “abundance” in which AI and automation will slash production costs to near-zero, freeing humans to pursue hobbies instead of jobs. I’m less optimistic. I don’t disagree with Keith’s premise that AI will profoundly change not just our economy but our society and politics. But abundance? Who will own these AI factories? How will profits and wealth be distributed? Keith envisions massive corporate tax rates (up to 98%) redistributing automated profits, while I question whether people actually want a post-work world of ubiquitous stamp collectors or novelists. Our debate captures the gulf between Silicon Valley's utopian promises and the harsh political realities of the 2020s. Will technological abundance liberate humanity or concentrate power among tech giants and impoverish the rest of us? Five Key Takeaways * The Economics Are Clear, Politics Are Messy - Keith argues we're economically heading toward abundance through AI/automation reducing costs to near-zero, but admits the political question of wealth distribution remains "contested" and could lead to either democracy or autocracy.* Work vs. Hobbies Debate - Keith believes most people work jobs they don't love just to afford the things they do love, so abundance would free them to pursue passions. I counter that most people don't have hobbies and actually like having jobs.* The 98% Solution - Keith's preferred path to shared abundance: massive corporate tax rates on automated production (up to 98%) to redistribute AI-generated wealth, creating something "better than the Swedish system."* Big Tech Will Lead, Like It or Not - We both agree government won't drive this transformation—it'll be Google, Microsoft, OpenAI and others. The question is whether they'll be regulated/taxed or become "modern-day empires."* Scarcity in the Age of Abundance - It’s a paradox. While promising intellectual abundance, we're seeing increased physical scarcity (land, immigration restrictions, declining birth rates) driven by political insecurity about the future.Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe