When almost all human workers are replaced with AI workers, almost all the companies in the world will go out of business because there will be no consumers left to buy their products.
If we ever invent super-intelligent AI, it is game over for humanity as described in the article” Superhuman AI, The Bouncing Baby Hitler”.
Let us assume for a moment that we ban the development of super-intelligent AI. It could take away the existential risk to humanity but we would still be able to replace all human workers with AI workers because the AI workers only need to possess as much knowledge and intelligence as the human workers.
If that happens, we’d run into another problem. If no one has a job, there will be no consumer demand. If there is no consumer demand, companies will go out of business. If companies go out of business, who will hire the AI workers? Even the AI industry will go out of business.
To solve this problem some people have proposed the idea of Universal Basic Income ( UBI ).
Every citizen is given a regular income by their government. The money would come from corporations and shareholders in corporations in the form of increased taxes.
Unfortunately, If no citizen has a job, the politicians will be at the mercy of the rich people and corporations for political contributions for fighting elections.
The rich would only fund those politicians who would be willing to keep their taxes low. This would mean that UBI would barely meet the basic needs of the people. As a result, the consumer demand will be extremely low. Most businesses will go out of business.
AI will not eradicate poverty but create poverty.
The Solution?
Your education, experience, intelligence, and passion, will not make you money. Only your money will make you money.
Everyone who wants to avoid being a beggar in about two decades, living on handouts from the government, should seriously think of becoming an early stage investor in AI and other new technologies of the future so that you have enough money to lead a good life when the entire world becomes a beggar.