Elon says money won’t matter. Did he lie? #ai #technology #economics #musk

So that podcast, I thought it was absolutely absurd. I thought it was a preposterous thing to go up in good faith and try and argue. Okay. So, I'm just going to decompose the central tenet that we're going to have the abundance of everything. Hey, what we're actually I'm sure we are going to see, is we are going to see the abundance of certain goods and services as a result, as you say, of the humanoid robots and of knowledge work that becomes abundant and is able to produce things on a much wider scale to become more affordable. Right. Um, where I just think there's such an enormous hole and flaw in this argument is really thinking about the stratification of the economy. What we will actually see is on aggregate, prices may reduce and we may see some deflation. And as these kind of often western economists look at it, aggregate outcomes are great and fine. You know, because things are getting cheaper. You know, real incomes are actually increasing as a result. Right. But what have we also, in that same breath said? We've said that we're going to see some job displacement and we said that we're going to see wage deflation. Right. So if we take those as accepted outcomes of what we're about to see, that's not going to be distributed equally. Right? If you're in a sector that is more, you know, replaceable by a robot or even by an AI knowledge worker, you, it may be that on aggregate prices are reducing, but if you've got no wages, there's still scarce resources out there. I haven't seen a compelling argument that an AI is going to be able to solve the scarcity of land that we have in the major cities in order to build, you know, abundant affordable housing within the next five to 10 years. I don't see that happening.