What does the existence of this do to wages and compensation for the workers in the industries it upsets?
It depresses them. Significantly. White collar jobs constitute the bulk of global purchasing power. What happens to the economy when aggregate purchasing power drops? The naive response is "prices fall until equilibrium is reached again"
But what if the needle continues moving so quickly that equilibrium is never reached?
This is the K-shaped-economy concern. The ultra wealthy and those who own the "AI means of production" will become unfathomably wealthy at the expense of everyone else.
Why should this not be a concern? Historically, this trend has always precipitated bloody conflict.
