davidshapiro_youtube_transcripts
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PostLabor Economics What happens when AI changes work forever_transcript.csv
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hello everybody David Shapiro here with,0.24,5.34 | |
a brand new video today's video by,2.7,5.34 | |
popular demand is about post-labor,5.58,6.059 | |
economics what happens when AI changes,8.04,5.759 | |
work forever,11.639,3.901 | |
real quick before we jump into the show,13.799,3.361 | |
I just want to plug my patreon real,15.54,3.9 | |
quick I have a private Discord server,17.16,5.1 | |
for all patreon supporters and I do also,19.44,5.22 | |
have several other Discord servers that,22.26,4.56 | |
I am a part of one is the gato community,24.66,4.08 | |
and the other is the cognitive AI lab,26.82,4.08 | |
Discord which I started at the beginning,28.74,4.68 | |
of my YouTube career so anyways hop on,30.9,3.78 | |
over to patreon if you want to support,33.42,2.639 | |
me get involved in the private,34.68,3.539 | |
conversations I also have a few higher,36.059,4.221 | |
tier slots available where I have,38.219,5.421 | |
exclusive access one-on-ones group Chats,40.28,8.38 | |
on patreon and on um calendly so on with,43.64,6.7 | |
the show,48.66,3.66 | |
in order to talk about post labor,50.34,3.6 | |
economics we need to start by talking,52.32,3.419 | |
about the history of labor-based,53.94,3.48 | |
Economics for the majority of human,55.739,4.621 | |
history human labor and our energetic,57.42,4.619 | |
output the physical force that we can,60.36,3.539 | |
apply on the world has been the biggest,62.039,6.001 | |
driver of productivity this was 100 True,63.899,5.701 | |
for our oldest ancestors,68.04,4.079 | |
hunter-gatherers who had not yet figured,69.6,4.68 | |
out how to harness energy and nature or,72.119,4.5 | |
the energy of animals it became slightly,74.28,6.24 | |
less true for our agrarian ancestors as,76.619,5.881 | |
they started to use draft animals such,80.52,4.86 | |
as Horses and Ox as well as basic,82.5,5.58 | |
machines like water wheels and levers,85.38,4.739 | |
and carts now granted a lever and a cart,88.08,5.219 | |
don't actually add energy to the,90.119,5.04 | |
equation but they do allow you to,93.299,3.901 | |
multiply your own Force,95.159,4.441 | |
the Industrial Revolution happened which,97.2,3.779 | |
of course everyone talks about that,99.6,2.879 | |
because we're in the midst of the fourth,100.979,3.78 | |
Industrial Revolution was primarily,102.479,4.5 | |
about Force amplification or Force,104.759,5.04 | |
multiplication so in other words we,106.979,4.561 | |
started inventing machines that could,109.799,4.261 | |
use thermal energy from various fuel,111.54,5.64 | |
sources such as coal and oil and they,114.06,5.879 | |
were able to Output more energy or more,117.18,5.219 | |
work than we could with just our muscles,119.939,4.921 | |
and certainly more than even large,122.399,3.781 | |
animals could,124.86,3.66 | |
another advantage of machines is that,126.18,4.559 | |
they could metabolize fuel at a far,128.52,5.7 | |
higher rate so say for instance a gallon,130.739,6.0 | |
of gasoline a gallon of gasoline has,134.22,5.519 | |
about 31 000 calories of energy in it,136.739,5.781 | |
which is about how much I eat in 10 days,139.739,5.64 | |
but a large machine can use that gallon,142.52,5.32 | |
of gasoline in a matter of minutes or,145.379,4.141 | |
hours depending on what that machine is,147.84,4.14 | |
doing such as if it's a large tractor or,149.52,4.74 | |
combine that's being used to manage a,151.98,5.28 | |
farm for instance and so not just a mat,154.26,5.699 | |
the amount of work that can be done but,157.26,5.0 | |
the amount of energy that can be used,159.959,6.06 | |
was the big game changing factor for the,162.26,6.759 | |
Industrial Revolution but as everyone,166.019,4.8 | |
knows a tractor is not particularly,169.019,4.381 | |
smart it pulls something it's not any,170.819,4.381 | |
different than what a human can do or an,173.4,5.28 | |
ox it's just bigger faster and stronger,175.2,7.44 | |
so that is where uh the industrial,178.68,6.36 | |
Revelation Revolution sorry Revelation,182.64,5.22 | |
the Industrial Revolution changed,185.04,4.979 | |
labor-based Econo economics but you,187.86,3.84 | |
still needed an intelligent human,190.019,4.201 | |
driving that tractor,191.7,5.28 | |
now the industrial revolution of course,194.22,5.879 | |
is a Marvel of mechanical engineering,196.98,6.36 | |
metal metal Sciences electronics and so,200.099,5.401 | |
on but one thing that we need to point,203.34,4.8 | |
out that is critical is that it all,205.5,5.34 | |
still comes down to the application and,208.14,4.679 | |
use of energy,210.84,4.8 | |
so human population growth over the last,212.819,5.64 | |
two centuries has been tied directly to,215.64,5.04 | |
the amount of energy we had access to,218.459,4.801 | |
because that also is directly correlated,220.68,4.559 | |
to the amount of food we can produce the,223.26,4.619 | |
amount of water we can um transport and,225.239,5.78 | |
clean and drink and so,227.879,6.72 | |
basically uh what I want to do here is,231.019,7.061 | |
point out that yes labor is about what,234.599,5.22 | |
humans can do with our hands our bodies,238.08,3.299 | |
and what we can do with the use of,239.819,4.621 | |
machines but we're also still completely,241.379,6.78 | |
dependent upon the underlying sources of,244.44,5.46 | |
energy so this is an important thing to,248.159,4.14 | |
keep in mind,249.9,5.64 | |
in the long history of labor and moving,252.299,5.22 | |
up through to today there's a few basic,255.54,4.08 | |
kinds of Labor and of course I'm not,257.519,3.96 | |
going to get into every little Nuance or,259.62,5.4 | |
detail but there's three overarching,261.479,6.241 | |
categories of Labor so first is manual,265.02,5.28 | |
unskilled labor this includes moving,267.72,6.24 | |
heavy things using your hands and body,270.3,6.24 | |
uh that doesn't basically something that,273.96,4.32 | |
you can pick up in an afternoon,276.54,3.48 | |
so for instance one of the jobs that I,278.28,3.72 | |
had when I was much younger was I was,280.02,4.44 | |
restocking the shelves at a pet store at,282.0,4.44 | |
night didn't take a whole lot of brains,284.46,4.14 | |
took a lot of muscles moving heavy,286.44,4.8 | |
things put here you know object a in,288.6,4.44 | |
place B repeat,291.24,4.26 | |
then the next level above that is,293.04,5.4 | |
skilled labor so this is crafts such as,295.5,4.199 | |
carpentry,298.44,4.44 | |
um electrical work Plumbing that sort of,299.699,5.581 | |
thing this also could include uh,302.88,3.78 | |
hospitality and food service because,305.28,3.06 | |
it's still very kinetic it's still very,306.66,3.96 | |
much oriented in your body but these are,308.34,4.26 | |
things that require training some of,310.62,5.22 | |
them require certification but they one,312.6,5.099 | |
thing that they all almost always have,315.84,4.56 | |
in common is that it requires you to use,317.699,5.28 | |
tools and materials when you're doing,320.4,6.9 | |
skilled labor now there are jobs such as,322.979,6.361 | |
being a doctor or a nurse that are also,327.3,5.76 | |
very kinetic but those uh require years,329.34,5.82 | |
and years and years of training and,333.06,4.38 | |
certification and so those,335.16,4.74 | |
um while they are still embodied work,337.44,4.38 | |
um they are still professions or,339.9,4.68 | |
knowledge work and so then that leads to,341.82,5.34 | |
the third category which is professional,344.58,5.04 | |
labor or knowledge work which includes,347.16,4.259 | |
things like Architects lawyers doctors,349.62,3.72 | |
things that you do on computers even,351.419,3.78 | |
being an influencer technically could be,353.34,3.799 | |
considered a profession,355.199,4.261 | |
depending on the kind of influencer you,357.139,5.261 | |
are right but one rule of thumb is that,359.46,5.459 | |
you do it in a desk or in an office or,362.4,4.019 | |
in front of a computer and again this is,364.919,3.72 | |
not always true key example being,366.419,4.981 | |
medical professionals who many of whom,368.639,5.221 | |
interact with people all day every day,371.4,4.139 | |
and it requires a tremendous amount of,373.86,5.52 | |
training excuse me ditto for uh for uh,375.539,6.061 | |
trial lawyers right trial lawyers have,379.38,3.9 | |
to do a lot of office work but they also,381.6,3.9 | |
have to go to trial to go to court,383.28,5.4 | |
before judges and so on magistrates,385.5,5.4 | |
so one thing that I need to point out,388.68,3.959 | |
though is that we have transitioned,390.9,4.079 | |
largely from a unskilled labor and,392.639,3.9 | |
skilled labor economy to a,394.979,3.06 | |
knowledge-based economy or a,396.539,3.6 | |
services-based economy,398.039,4.741 | |
so this is one of my favorite graphs of,400.139,4.741 | |
all time and many people are shocked,402.78,4.56 | |
when I tell them about this so there's a,404.88,4.74 | |
few things to unpack here so there's a,407.34,4.859 | |
couple of trend lines this solid green,409.62,5.46 | |
trend line is the agricultural uh share,412.199,6.06 | |
of total employment so basically what,415.08,7.559 | |
has happened is that as uh as time has,418.259,8.041 | |
progressed the number of farm jobs has,422.639,7.5 | |
collapsed to around two percent of total,426.3,6.54 | |
employment and it was much much much,430.139,6.0 | |
higher this was if I'm reading this,432.84,4.979 | |
correctly I believe it was over 30,436.139,4.741 | |
percent just over 100 years ago so from,437.819,5.28 | |
30 percent of jobs were farm jobs to,440.88,4.8 | |
around two percent and then this dotted,443.099,4.981 | |
green axis is non-agricultural,445.68,3.66 | |
employment,448.08,3.6 | |
the left axis,449.34,4.02 | |
um all right right Axis so that's this,451.68,5.1 | |
is percentage yes and then the left axis,453.36,8.1 | |
is over here so the total uh number of,456.78,7.44 | |
employees that were not uh Farm,461.46,6.06 | |
employees has gone up from around 20,464.22,4.979 | |
million now also keep in mind that the,467.52,3.119 | |
population was growing at the same time,469.199,4.741 | |
but from 20 million to over 140 million,470.639,5.721 | |
non-farm jobs and then finally,473.94,4.86 | |
agriculture employment,476.36,5.399 | |
um has collapsed from around,478.8,6.239 | |
uh let's say about 10 to 12 million jobs,481.759,6.521 | |
total to almost non-existent in terms of,485.039,6.421 | |
total number of employees so this shows,488.28,6.6 | |
how just a single sector farming has,491.46,5.6 | |
completely been changed over the years,494.88,4.499 | |
largely just due to Industrial,497.06,6.12 | |
Automation through tractors combines and,499.379,6.841 | |
economies of scale with mechanized,503.18,5.199 | |
farming and this is just one sector so,506.22,5.159 | |
what people are hoping is that,508.379,5.701 | |
today all the service jobs that we all,511.379,5.04 | |
hate all the all the BS jobs the desk,514.08,4.199 | |
jobs that we hate today are going to,516.419,4.081 | |
follow this trend line the way that,518.279,4.26 | |
Farms have jobs have gone but then,520.5,3.419 | |
there's going to be entirely new,522.539,3.121 | |
categories of jobs,523.919,5.04 | |
that come up now as many of you know I'm,525.66,5.1 | |
rather skeptical of this,528.959,3.781 | |
um certainly it would be an interesting,530.76,4.259 | |
future if there's entirely if there's,532.74,3.9 | |
millions and millions or even billions,535.019,4.921 | |
of new jobs created by AI I am skeptical,536.64,4.92 | |
that this is going to be the outcome and,539.94,4.14 | |
let me tell you why,541.56,4.92 | |
knowledge work or service sector jobs,544.08,5.64 | |
are uh rooted in what's called cognitive,546.48,7.02 | |
labor or knowledge work so as farm jobs,549.72,6.36 | |
have been crashing knowledge work has,553.5,5.22 | |
been rising so the majority of work,556.08,5.4 | |
today is knowledge work or cognitive,558.72,6.679 | |
labor this could also be argue arguably,561.48,6.66 | |
included emotional labor so emotional,565.399,4.961 | |
labor is a form of cognitive labor that,568.14,3.6 | |
is more common in nurturing and,570.36,3.24 | |
caregiving roles,571.74,4.94 | |
tools like chat GPT and its successors,573.6,6.419 | |
are going to continue to invade the,576.68,6.339 | |
domain of cognitive labor so we've,580.019,5.82 | |
already seen some examples of chat GPT,583.019,5.101 | |
used for tutoring used for medical,585.839,4.641 | |
advice used for relationship advice,588.12,5.58 | |
people have even automated companies you,590.48,6.76 | |
know the automatic CEO thing so it is,593.7,6.0 | |
pretty obvious to everyone by now that,597.24,5.82 | |
these models that chat GPT gpt4 and so,599.7,6.54 | |
on are capable of cognitive labor it,603.06,4.98 | |
would be pretty silly to assume that,606.24,4.92 | |
this does not continue so that leaves,608.04,6.0 | |
physical labor skilled labor unskilled,611.16,5.4 | |
labor and cognitive later labor but if,614.04,4.799 | |
AI is invading cognitive labor first,616.56,5.219 | |
what are we gonna do,618.839,6.901 | |
we go back to manual labor do we all,621.779,6.06 | |
pick up arts and crafts and others,625.74,4.32 | |
semi-skilled and skilled labor,627.839,4.921 | |
you know it's not necessarily what I,630.06,3.779 | |
want to do,632.76,5.519 | |
right if there is a a future state where,633.839,8.18 | |
I'm not going to get paid by anyone but,638.279,6.421 | |
an AI is going to come through and you,642.019,4.361 | |
know basically take my YouTube gig from,644.7,4.02 | |
me right like I don't want to go back to,646.38,4.68 | |
shoveling dirt and anyways there's,648.72,3.54 | |
machines that are better at it than,651.06,3.42 | |
humans so why would I do that so when,652.26,3.66 | |
you when you look at those three,654.48,3.599 | |
categories skilled unskilled and,655.92,4.5 | |
cognitive labor and you say okay well,658.079,4.081 | |
machines are better stronger and faster,660.42,3.84 | |
and cheaper at all of those than humans,662.16,4.32 | |
and they're only getting better that,664.26,3.66 | |
leaves the question what are we going to,666.48,4.44 | |
do so as I was trying to figure out like,667.92,5.76 | |
just trying to find a way to do this,670.92,5.52 | |
it occurred to me that looking at this,673.68,5.7 | |
from supply side or capability of AI,676.44,5.28 | |
versus Humans might not be the right way,679.38,4.68 | |
to look at it so there's the other way,681.72,5.4 | |
to look at it is demand side so what,684.06,5.7 | |
kind of jobs will people demand or want,687.12,5.159 | |
humans to have specifically,689.76,5.639 | |
in many cases you might want a you might,692.279,5.521 | |
always prefer to have a human doing,695.399,4.861 | |
something like Child Care Hospitality,697.8,5.219 | |
sorry hospitality jobs and other,700.26,4.8 | |
performance oriented things such as,703.019,4.081 | |
influencers right I don't know about you,705.06,4.62 | |
but every time I find a video that has,707.1,5.1 | |
you know an AI face AI voice,709.68,5.279 | |
I click off of it I don't want you know,712.2,5.1 | |
smoke and mirror I don't want to be,714.959,4.44 | |
lectured at by a sock puppet I want to,717.3,4.979 | |
see a real human I want to see their uh,719.399,5.401 | |
facial expression their intonation and I,722.279,3.841 | |
want to develop a parasocial,724.8,2.7 | |
relationship with the people that I,726.12,2.94 | |
follow and so a parasocial relationship,727.5,3.899 | |
is what most of you have with me where,729.06,5.399 | |
you have in your mind a model of me and,731.399,5.581 | |
like you kind of understand where I'm,734.459,5.341 | |
coming from right uh even though I might,736.98,4.74 | |
not know necessarily know all of you I,739.8,3.779 | |
in fact I don't know most of you,741.72,5.4 | |
but the uh the desire for that,743.579,5.76 | |
parasocial relationship for that,747.12,3.779 | |
um that that connection that human,749.339,3.841 | |
connection is something that I suspect,750.899,4.5 | |
that most humans are gonna want no,753.18,4.08 | |
matter how good AI gets now that being,755.399,3.721 | |
said there are probably going to be,757.26,3.0 | |
people that are like you know what I,759.12,2.7 | |
don't really care about people I you,760.26,2.699 | |
know just give me the information just,761.82,4.38 | |
give me the entertainment that's fine,762.959,5.761 | |
so this leads one final question will,766.2,4.8 | |
there be enough of those human exclusive,768.72,5.1 | |
jobs to go around I don't think there,771.0,6.12 | |
will be uh sure we might be able to have,773.82,4.98 | |
some Back to Basics moments where it's,777.12,3.839 | |
like oh hey you know maybe we can spend,778.8,3.779 | |
more time with our families maybe we can,780.959,2.94 | |
spend more time with child care and,782.579,3.781 | |
education that's not enough to drive the,783.899,4.44 | |
whole economy and it's certainly not,786.36,3.779 | |
enough I don't think for everyone to,788.339,4.44 | |
have a meaningful career especially if,790.139,4.32 | |
your interests lie elsewhere that just,792.779,3.12 | |
doesn't sound good,794.459,2.88 | |
so,795.899,4.68 | |
now I will introduce you to what I call,797.339,6.24 | |
Post labor economics and I apologize for,800.579,6.541 | |
the wall of text on this uh slide but I,803.579,5.281 | |
figured just a list you can pause it and,807.12,3.659 | |
read it in much greater detail if you'd,808.86,3.96 | |
like but I'll just go uh just read the,810.779,3.961 | |
bullet points at the high level so,812.82,4.199 | |
automation dominance this is the idea,814.74,4.14 | |
that Automation in the form of Robotics,817.019,4.021 | |
Ai and other kinds of automation is,818.88,3.72 | |
going to take over including for,821.04,3.419 | |
cognitive labor,822.6,4.02 | |
the second aspect of post-labor,824.459,4.261 | |
Economics is the decreased economic,826.62,5.1 | |
value of human labor basically humans,828.72,4.679 | |
can't compete on an economic scale to,831.72,3.419 | |
tractors why do you expect that humans,833.399,3.12 | |
are going to get be able to compete on,835.139,3.841 | |
an economic scale to AI as its,836.519,3.961 | |
intelligence ramps up,838.98,4.56 | |
number three another criteria or uh,840.48,4.74 | |
characteristic of post-labor Economics,843.54,3.359 | |
is that we will probably see,845.22,3.66 | |
redistributive policies so,846.899,4.38 | |
redistribution is not necessarily a,848.88,3.959 | |
collective ownership I'm not advocating,851.279,3.601 | |
for socialism basically all I'm,852.839,4.021 | |
advocating for is some form of universal,854.88,4.5 | |
basic income or reverse income tax or,856.86,3.779 | |
that kind of thing,859.38,4.139 | |
or negative income tax sorry ownership,860.639,5.88 | |
shifts so this is where this is the,863.519,4.56 | |
closest thing to Socialism or Marxism,866.519,3.601 | |
that I will ever talk about,868.079,4.38 | |
um because I I do not believe in central,870.12,4.56 | |
management of the economy I don't think,872.459,4.021 | |
that it's a good idea,874.68,4.02 | |
um I do believe in kind of the wisdom of,876.48,5.4 | |
of Market forces but what I do,878.7,5.939 | |
anticipate is that the ownership class,881.88,4.8 | |
might shift and we might shift more,884.639,4.621 | |
towards decentralized ownership models,886.68,4.32 | |
or Collective ownership models such as,889.26,3.78 | |
co-ops and this is not something that I,891.0,3.42 | |
invented these are things that exist,893.04,5.159 | |
today but with the aid of AI it might be,894.42,6.06 | |
easier for ordinary people to band,898.199,4.82 | |
together to collectively buy,900.48,4.62 | |
resources property and other capital,903.019,4.421 | |
goods that allow them to be to,905.1,4.76 | |
participate in the means of production,907.44,4.56 | |
now I'm not going to say that this is,909.86,3.339 | |
going to totally replace all,912.0,4.38 | |
corporations but if we can stick The,913.199,4.44 | |
Landing with Technologies like,916.38,3.18 | |
blockchain and decentralized autonomous,917.639,3.0 | |
organizations,919.56,3.92 | |
then we can have expert you know AI CEOs,920.639,6.0 | |
managing our resources for us another,923.48,6.88 | |
component of post labor economics I,926.639,6.06 | |
suspect will be price deflation and so,930.36,4.919 | |
what I mean by this is that,932.699,4.981 | |
as AI gets better at producing more,935.279,4.68 | |
goods and services the marginal cost of,937.68,3.839 | |
those goods and services is going to,939.959,3.0 | |
collapse and it's not all goods and,941.519,3.541 | |
services some things are going to remain,942.959,4.141 | |
expensive or at least more expensive,945.06,3.719 | |
than others but other things are going,947.1,3.06 | |
to get very very cheap and I'll go into,948.779,4.081 | |
some details in just a moment we're also,950.16,4.799 | |
going to need new economic indicators so,952.86,5.219 | |
what I mean by this is that GDP sorry,954.959,5.221 | |
GDP and employment rates I tried to say,958.079,4.041 | |
both of those at the same time,960.18,3.959 | |
unemployment rates are not going to be,962.12,4.12 | |
quite as meaningful in the future as,964.139,4.861 | |
they are today right now total,966.24,4.44 | |
employment and unemployment rates are,969.0,3.06 | |
really important indicators for how well,970.68,3.719 | |
the economy is doing but in a post-labor,972.06,4.92 | |
economy employment rate won't matter as,974.399,5.101 | |
much so we might need other other,976.98,4.56 | |
metrics in order to measure how well the,979.5,4.68 | |
economy is doing there's probably also,981.54,3.9 | |
going to be changes in consumption,984.18,2.339 | |
patterns,985.44,3.0 | |
so for instance we're going to have more,986.519,4.081 | |
Leisure Time and less requirement to,988.44,4.199 | |
work and so that means that we'll,990.6,5.94 | |
probably change where we live how we eat,992.639,6.301 | |
um access to other services like,996.54,5.099 | |
healthcare will probably decline because,998.94,4.759 | |
we'll be living healthier lives I hope,1001.639,5.88 | |
uh and so on and so forth uh one of the,1003.699,5.44 | |
toughest nuts to crack is actually going,1007.519,3.841 | |
to be item number eight here which is,1009.139,4.021 | |
reshaping our identity and self-worth,1011.36,3.839 | |
and we have actually a few slides,1013.16,4.26 | |
dedicated to this coming right up and,1015.199,4.621 | |
then finally number nine is regulatory,1017.42,5.58 | |
changes that will basically have to be,1019.82,6.78 | |
addressed as we transition from a human,1023.0,5.76 | |
labor economy to a post-labor economy,1026.6,4.62 | |
okay so let's unpack these,1028.76,4.86 | |
I mentioned the ownership of production,1031.22,5.699 | |
so this basic question is who owns the,1033.62,5.699 | |
machines who owns the the means of,1036.919,5.64 | |
production so if things continue the way,1039.319,5.401 | |
that they are we run the risk of,1042.559,4.02 | |
continued trends of capital,1044.72,4.38 | |
concentration and or regulatory capture,1046.579,3.961 | |
so regulatory capture is what everyone,1049.1,5.04 | |
is afraid of with companies calling for,1050.54,6.06 | |
regulation of AI because it's like okay,1054.14,5.1 | |
well if only a few players are allowed,1056.6,5.699 | |
to participate then by virtue of,1059.24,5.52 | |
everyone else getting regulated out of,1062.299,4.321 | |
existence only the top players are,1064.76,3.779 | |
allowed to play that would probably be,1066.62,5.64 | |
problematic for the rest of us now as I,1068.539,5.401 | |
mentioned I'm not going to advocate for,1072.26,3.6 | |
Marxism or Socialism or anything like,1073.94,3.0 | |
that I'm not saying that we should,1075.86,2.34 | |
collectively seize the means of,1076.94,3.479 | |
production uh the reason being that,1078.2,4.08 | |
market forces still work in centralized,1080.419,4.14 | |
management uh pretty much never works at,1082.28,6.36 | |
least not a full-scale national levels,1084.559,6.48 | |
uh we will need more sophisticated,1088.64,7.02 | |
models of uh ownership than exists today,1091.039,6.661 | |
so for instance,1095.66,4.259 | |
um you know as I mentioned uh co-ops,1097.7,3.479 | |
Collective ownerships I've got a few,1099.919,3.541 | |
examples in the next slide I believe but,1101.179,4.5 | |
otherwise if corporate payrolls shrink,1103.46,5.16 | |
and many of us lose jobs how then are we,1105.679,5.041 | |
going to redistribute uh the the,1108.62,4.62 | |
benefits obtained by the Technologies,1110.72,5.04 | |
who's going to reap the rewards,1113.24,6.299 | |
so one component of that is robust,1115.76,5.12 | |
redistribution,1119.539,4.561 | |
so whether or not we change ownership,1120.88,5.5 | |
because obviously many people will still,1124.1,4.62 | |
kind of have the idea of the value of,1126.38,3.96 | |
private property and that sort of thing,1128.72,3.3 | |
and certainly I think that private,1130.34,3.6 | |
property is going to exist that being,1132.02,3.36 | |
said not everyone is going to be a,1133.94,3.18 | |
landowner right not everyone is going to,1135.38,4.5 | |
own a robot Factory or or anything like,1137.12,5.7 | |
that so we're going to need to have some,1139.88,5.82 | |
kind of robust redistribution policy,1142.82,4.92 | |
so that could come in the form of,1145.7,3.599 | |
universal basic income or more,1147.74,4.38 | |
sophisticated models and I always liken,1149.299,5.941 | |
it to a hydrological cycle so money like,1152.12,5.34 | |
water tends to flow towards some kind of,1155.24,5.58 | |
accumulator now in our world those,1157.46,5.64 | |
accumulators tend to be Federal,1160.82,4.62 | |
governments and the capitalist class in,1163.1,5.64 | |
form of shareholders and corporations so,1165.44,5.76 | |
money tends to flow in those two polar,1168.74,4.86 | |
directions and so then redistribution,1171.2,5.339 | |
comes in the form of uh you know,1173.6,4.86 | |
government handouts government subsidies,1176.539,4.321 | |
that sort of thing and taxes right some,1178.46,3.719 | |
being skimmed off the top of,1180.86,3.48 | |
corporations in order to go to the,1182.179,3.961 | |
government and then to be redistributed,1184.34,4.92 | |
so the idea here is then you need a,1186.14,6.539 | |
policy that uh basically makes it rain,1189.26,5.82 | |
right you want it to rain a certain,1192.679,4.38 | |
amount in every region and you want it,1195.08,4.74 | |
to rain fairly you don't want too much,1197.059,4.381 | |
rain because that's inflation and that's,1199.82,2.94 | |
bad and you don't want too little rain,1201.44,3.0 | |
because that's deflation and that's also,1202.76,4.26 | |
bad so the idea is that these future,1204.44,5.099 | |
redistributive policies need to,1207.02,5.36 | |
distribute the the money like the water,1209.539,6.901 | |
evenly fairly and uh in a controlled,1212.38,6.82 | |
policy so this is uh not exactly your,1216.44,5.52 | |
grandpa's trickle-down economics Theory,1219.2,4.8 | |
uh I mentioned Collective ownership and,1221.96,3.78 | |
there are a few examples of collective,1224.0,3.48 | |
ownership out there now granted none of,1225.74,3.48 | |
these are global scale but we've got a,1227.48,3.24 | |
long time before we need to worry about,1229.22,4.079 | |
global scale redistribution some of them,1230.72,5.04 | |
are national scale uh which is a good,1233.299,3.721 | |
thing but of course,1235.76,3.84 | |
um Norway is not as big as America,1237.02,5.94 | |
uh so there's a few examples so one is,1239.6,5.28 | |
the Alaska Permanent Fund which is,1242.96,3.719 | |
basically that uh pretty much every,1244.88,5.159 | |
every Alaskan gets a annual check for,1246.679,5.041 | |
Collective ownership of the oil reserves,1250.039,2.701 | |
in Alaska,1251.72,3.06 | |
the Norwegian Sovereign wealth fund,1252.74,3.66 | |
pretty much the same thing but for all,1254.78,4.5 | |
citizens of Norway and it is a trust,1256.4,4.26 | |
fund that is used to fund public,1259.28,4.86 | |
services and it is funded by their oil,1260.66,6.12 | |
reserves the mon Dragon Corporation is,1264.14,4.5 | |
an owner-operated Corporation in Spain,1266.78,4.62 | |
and then the Green Bay Packers are uh,1268.64,5.58 | |
NFL team that is unique among the NFL,1271.4,5.82 | |
that is collectively owned by 360,1274.22,4.56 | |
000 shareholders,1277.22,4.26 | |
so on the topic of collective ownership,1278.78,4.98 | |
and redistribution Sam Altman does want,1281.48,5.699 | |
to do something uh in in line of this,1283.76,6.0 | |
basically saying if openai owns the,1287.179,6.36 | |
means of production AKA gbt4 5 6 and 7,1289.76,5.76 | |
and whatever other Downstream models,1293.539,4.62 | |
they come up with he has explicitly said,1295.52,4.5 | |
that he wants to kind of create a trust,1298.159,4.321 | |
fund of sorts that is then used to,1300.02,4.86 | |
distribute that uh that surplus of,1302.48,5.4 | |
wealth and this is part of one of his,1304.88,6.12 | |
ideas which is World coin now what I,1307.88,5.52 | |
will say is that I'm not sure that this,1311.0,4.32 | |
entire project should be piloted and,1313.4,5.279 | |
mediated by a Silicon Valley CEO Silicon,1315.32,5.219 | |
Valley CEOs don't exactly have a good,1318.679,5.101 | |
track record in terms of being fair and,1320.539,5.041 | |
not allowing power to corrupt them over,1323.78,4.259 | |
time now this is not a personal,1325.58,4.5 | |
indictment of Sam Altman I very much,1328.039,4.38 | |
often agree with what he says but that,1330.08,4.62 | |
being said he is in a position of a lot,1332.419,4.561 | |
of privilege and power and so therefore,1334.7,3.9 | |
should be scrutinized there should we,1336.98,3.6 | |
should should engage with a healthy,1338.6,3.84 | |
level of skepticism and I have a feeling,1340.58,3.12 | |
that he would invite that healthy,1342.44,4.14 | |
skepticism as well but again I don't,1343.7,5.099 | |
disagree with the sentiment were I in,1346.58,4.14 | |
his place I would probably be trying to,1348.799,4.021 | |
do the same exact thing,1350.72,4.02 | |
um but again actions speak louder than,1352.82,4.62 | |
words so another thing is that,1354.74,4.38 | |
Collective ownership doesn't necessarily,1357.44,4.44 | |
have to happen on a national scale or a,1359.12,5.939 | |
state scale it can happen on uh local,1361.88,5.22 | |
scales and does in the form of land,1365.059,4.141 | |
trusts so there are plenty of examples,1367.1,3.78 | |
of collective ownership that exists,1369.2,2.88 | |
today,1370.88,6.44 | |
now one thing that is uh kind of the,1372.08,9.06 | |
primary let's say primary complaint that,1377.32,5.88 | |
I get when I talk about redistributive,1381.14,4.5 | |
policies such as universal basic income,1383.2,4.92 | |
which is what about inflation,1385.64,7.26 | |
so there is some some Merit to this idea,1388.12,7.6 | |
so redistribution such as universal,1392.9,6.0 | |
basic income can actually be a force for,1395.72,6.12 | |
inflation we did see a small but not,1398.9,5.22 | |
negligible effect from the stimulus,1401.84,5.52 | |
checks here in America that caused some,1404.12,4.82 | |
of the inflation now I will say that,1407.36,3.72 | |
aggregate supply and aggregate demand,1408.94,5.32 | |
and other supply chain issues are far,1411.08,4.68 | |
larger effects of the current,1414.26,3.659 | |
inflationary uh Paradigm that we're,1415.76,4.02 | |
seeing that being said the stimulus,1417.919,4.14 | |
checks did cause some inflation because,1419.78,5.519 | |
they uh created higher aggregate demand,1422.059,4.98 | |
which is basically that consumers,1425.299,3.24 | |
overall have more money to spend,1427.039,4.14 | |
therefore prices go up another thing,1428.539,4.981 | |
that can drive inflation is inelastic,1431.179,5.701 | |
supply so as Global wealth goes up due,1433.52,6.659 | |
to AI as more productivity goes up and,1436.88,6.179 | |
demand goes up broadly there are going,1440.179,4.801 | |
to be goods and services and other,1443.059,4.381 | |
supplies that do not scale,1444.98,4.8 | |
so for instance one of the most limited,1447.44,4.38 | |
resources on the planet is Rare Minerals,1449.78,4.86 | |
like lithium and Cobalt no amount of AI,1451.82,4.44 | |
is going to make there be more Ai and,1454.64,3.539 | |
Cobalt unless of course it can dig,1456.26,4.62 | |
deeper into the Earth's crust or go to,1458.179,4.921 | |
saddle asteroids and mine them there,1460.88,4.26 | |
which is entirely possible I did mention,1463.1,4.319 | |
that in a previous video as one of the,1465.14,4.2 | |
possible solutions to Mineral scarcity,1467.419,3.961 | |
that being said there's only ever going,1469.34,3.9 | |
to be so much desirable beachfront,1471.38,4.08 | |
property in Monaco right,1473.24,4.08 | |
um so there's there's going to be some,1475.46,3.719 | |
kind of scarcity that we cannot overcome,1477.32,4.14 | |
no matter how much cognitive Surplus,1479.179,5.541 | |
that we have now all that being said,1481.46,5.699 | |
there will be some inflationary,1484.72,4.48 | |
pressures that we can't really get rid,1487.159,4.981 | |
of but I think that in the long run they,1489.2,5.52 | |
are going to be offset by and large by,1492.14,4.32 | |
some really profound and strong,1494.72,3.6 | |
deflationary pressures,1496.46,4.02 | |
so for instance a deflationary pressure,1498.32,5.4 | |
is something that lowers prices so the,1500.48,5.699 | |
job loss that I am anticipating from AI,1503.72,5.1 | |
is going to reduce consumer demand until,1506.179,5.341 | |
that is somehow fixed or replaced,1508.82,6.9 | |
because with job losses people are going,1511.52,6.06 | |
to hoard their money A little bit more,1515.72,4.8 | |
we saw this happen during the pandemic,1517.58,5.94 | |
for instance where people spent a lot,1520.52,5.1 | |
less money because it was a time of,1523.52,5.279 | |
uncertainty if you lose your job as many,1525.62,4.86 | |
people in some of the communities that,1528.799,3.961 | |
I'm a part of have been laid off as part,1530.48,4.199 | |
of the tech layoffs they don't know if,1532.76,3.24 | |
or when they're ever going to get a job,1534.679,3.561 | |
again,1536.0,2.24 | |
like that's a pretty profound thing so,1538.4,4.379 | |
job loss results in deflationary,1540.44,3.78 | |
pressure because people are spending,1542.779,3.661 | |
money less and driving demand down in,1544.22,3.54 | |
fact one of the things that my wife and,1546.44,2.52 | |
I are doing is we're going to be,1547.76,3.539 | |
downsizing right rather than having a,1548.96,3.599 | |
house payment we're going to move to a,1551.299,4.141 | |
smaller house that we can fully pay off,1552.559,4.561 | |
Market saturation is another,1555.44,3.9 | |
deflationary pressure so for instance I,1557.12,3.72 | |
did mention earlier that some goods and,1559.34,3.839 | |
services will continue to go down in,1560.84,5.339 | |
price one personal example that I have,1563.179,5.581 | |
is that the first time I had my novel,1566.179,5.1 | |
professionally edited I spent Seventeen,1568.76,4.5 | |
hundred dollars to have a world-class,1571.279,4.081 | |
professional editor take a look at my,1573.26,3.36 | |
novel,1575.36,4.86 | |
after I got that feedback uh from her I,1576.62,6.36 | |
then not long after that I got access to,1580.22,5.64 | |
gpt4 which has a much larger context,1582.98,5.16 | |
window and I was able to uh pretty much,1585.86,4.98 | |
get developmental feedback or um or line,1588.14,6.0 | |
editing feedback on the entire thing for,1590.84,9.06 | |
less than 17 twice so that is a 100x,1594.14,9.779 | |
drop in price and it's really difficult,1599.9,6.06 | |
for people to wrap their heads around,1603.919,4.5 | |
the possibility that many goods and,1605.96,4.86 | |
services are going to be a thousand X,1608.419,5.281 | |
cheaper or 10 000 X cheaper in the,1610.82,6.12 | |
coming years so this downward pressure,1613.7,7.2 | |
due to the the abundance of AI is going,1616.94,5.46 | |
to be something that is kind of like a,1620.9,3.72 | |
default raise for everyone if it works,1622.4,4.62 | |
out that way so in the case of medicine,1624.62,4.559 | |
or the total cost of Health Care in,1627.02,5.539 | |
America is 4.3 trillion dollars per year,1629.179,5.761 | |
imagine if,1632.559,5.62 | |
within a few years AI is able to reduce,1634.94,5.219 | |
the total cost of Health Care in America,1638.179,4.38 | |
by a factor of a hundred,1640.159,4.321 | |
I know that this sounds completely,1642.559,4.021 | |
ludicrous and it probably will take a,1644.48,3.299 | |
little bit longer than a few years,1646.58,2.82 | |
because the medical establishment is,1647.779,5.041 | |
very slow very onerous and does not is,1649.4,6.36 | |
very resistant to change but imagine if,1652.82,5.76 | |
your health care costs whatever they,1655.76,4.68 | |
were last year if you spend you know a,1658.58,3.18 | |
few hundred dollars on a couple,1660.44,2.88 | |
medications and one trip to the doctor,1661.76,3.48 | |
or if you have chronic conditions that,1663.32,3.479 | |
require a lot of medications and a lot,1665.24,3.419 | |
of tests and you spend you know five,1666.799,4.081 | |
thousand dollars imagine if you only had,1668.659,4.38 | |
to spend fifty dollars last year instead,1670.88,4.74 | |
of five thousand and that's not with uh,1673.039,5.76 | |
with you know socialist policies or,1675.62,4.799 | |
um or single-payer systems where the,1678.799,3.12 | |
government foots the bill I'm talking,1680.419,3.061 | |
about the actual cost of Health Care,1681.919,4.86 | |
could collapse that much in the long run,1683.48,5.939 | |
due to Ai and so that is a tremendous,1686.779,4.321 | |
deflationary pressure so basically,1689.419,3.961 | |
deflation means that your dollar goes,1691.1,5.28 | |
much farther another thing to consider,1693.38,5.88 | |
is that in many cases there are elastic,1696.38,5.399 | |
supplies so imagine the knock-on effects,1699.26,4.039 | |
of AI,1701.779,5.221 | |
enhancing everything from Supply chains,1703.299,6.101 | |
at every level reducing the need for,1707.0,4.679 | |
middlemen reducing the need for humans,1709.4,3.779 | |
and human labor which is really,1711.679,3.36 | |
expensive so all the goods and services,1713.179,4.201 | |
that you get even if an AI is not,1715.039,5.341 | |
directly used in creating that final,1717.38,5.279 | |
good or service it's still going to help,1720.38,4.22 | |
the entire process,1722.659,5.88 | |
which means that the entire economy is,1724.6,5.559 | |
going to be a lot more elastic which,1728.539,4.74 | |
will also drive down prices,1730.159,6.12 | |
now we get to the hardest part of all of,1733.279,5.041 | |
this the rest I think is going to happen,1736.279,4.681 | |
no matter what we do right there is just,1738.32,5.16 | |
so much economic incentive to drive down,1740.96,4.62 | |
prices because that's what capitalism,1743.48,4.439 | |
does right it seeks efficiency when it's,1745.58,4.079 | |
working well it doesn't always work well,1747.919,3.901 | |
so I'll throw I'll throw that caveat out,1749.659,5.041 | |
now that being said the inevitable,1751.82,5.28 | |
conclusion of all this seems to be that,1754.7,4.5 | |
we are going to arrive at a situation,1757.1,5.579 | |
where most of us are going to be looking,1759.2,5.459 | |
in the rear view mirror and say bye job,1762.679,4.38 | |
right like our conventional jobs are,1764.659,4.801 | |
going to go the way of the dinosaurs and,1767.059,4.081 | |
so one of the most common sentiments,1769.46,3.24 | |
that I get and it's always worded,1771.14,4.98 | |
slightly different but the their,1772.7,5.16 | |
permutations of this thing which is I,1776.12,3.12 | |
would rather die than live on government,1777.86,2.58 | |
handouts,1779.24,4.439 | |
this happens more often than not there,1780.44,4.739 | |
are numerous reasons for this feeling,1783.679,3.961 | |
and it is important to consider because,1785.179,5.521 | |
what else is the point of being alive,1787.64,6.36 | |
excuse me so there are cultural reasons,1790.7,7.099 | |
ethical reasons religion spirituality,1794.0,7.08 | |
and even familial history identity,1797.799,4.901 | |
gender Norms,1801.08,3.959 | |
um all kinds of stuff will push people,1802.7,6.839 | |
to identify with their job or to really,1805.039,7.76 | |
value their self-sufficiency right,1809.539,5.541 | |
self-sufficiency rugged individualism,1812.799,5.561 | |
self-reliance that sort of thing these,1815.08,4.9 | |
beliefs come from numerous places,1818.36,3.12 | |
whether it's you know the culture,1819.98,3.84 | |
particularly here in America in many,1821.48,3.96 | |
families like you're not considered a,1823.82,3.839 | |
real man unless you're a provider right,1825.44,4.739 | |
for particularly for men you might,1827.659,4.681 | |
expect yourself and be expected to be,1830.179,4.281 | |
the primary Breadwinner,1832.34,5.16 | |
careers also do a lot for our sense of,1834.46,5.319 | |
purpose our sense of excellence and,1837.5,4.5 | |
confidence a career is a good source of,1839.779,3.78 | |
challenge it's a good way to feel good,1842.0,2.76 | |
about yourself like you've done,1843.559,2.161 | |
something,1844.76,4.139 | |
and then for even people that are not,1845.72,5.76 | |
men Independence is often predicated on,1848.899,4.201 | |
the ability to make ends meet and so,1851.48,4.199 | |
what I mean by this is that if you need,1853.1,5.22 | |
to get away from your family or a toxic,1855.679,4.561 | |
friend group or whatever if you need to,1858.32,3.359 | |
stay out of prison because you need to,1860.24,3.96 | |
stay away you know from the street you,1861.679,4.74 | |
might need that good job and so if you,1864.2,3.599 | |
don't have that good job you might be,1866.419,4.38 | |
forced to back into a bad situation so,1867.799,5.1 | |
there's a lot of reasons that people are,1870.799,4.801 | |
afraid of not having their job,1872.899,5.821 | |
so what I've been able to identify is,1875.6,4.62 | |
that after talking with some of these,1878.72,3.0 | |
people and and thinking through it is,1880.22,5.1 | |
there's two primary threads here one is,1881.72,5.76 | |
what if I can't take care of myself and,1885.32,3.599 | |
the people that I care about that's,1887.48,3.48 | |
really the core fear at least one of,1888.919,6.181 | |
them another one is another core fear is,1890.96,6.48 | |
what if my sense of agency and autonomy,1895.1,5.16 | |
is taken from me what if I am just,1897.44,4.8 | |
subservient to the whims of the,1900.26,4.44 | |
government right,1902.24,6.24 | |
so one of the potential solutions to,1904.7,6.839 | |
this is a concept from ancient Greece,1908.48,5.52 | |
called erete which is Excellence or the,1911.539,3.841 | |
pursuit of Excellence,1914.0,4.02 | |
so in this case,1915.38,4.98 | |
the ability to feel competent about,1918.02,5.1 | |
something in order to feel a sense of,1920.36,6.84 | |
Mastery and challenge this is a um,1923.12,7.86 | |
this is a a social phenomenon,1927.2,6.599 | |
um that was based on social reward and,1930.98,6.179 | |
social incentive even if there was no,1933.799,5.76 | |
Financial reward so what I mean by this,1937.159,6.061 | |
is that uh particularly in uh the elite,1939.559,6.36 | |
classes like aristocracy and capitalist,1943.22,5.339 | |
class and owner class the the individual,1945.919,4.321 | |
behaviors the individual sense of,1948.559,3.48 | |
competence and achievement didn't,1950.24,4.08 | |
necessarily come from a career it came,1952.039,3.901 | |
from other achievements whether they,1954.32,3.239 | |
were academic achievements participating,1955.94,4.619 | |
in public life having a good family so,1957.559,4.98 | |
on and so forth or even independent,1960.559,3.84 | |
competitions right playing Polo and,1962.539,3.601 | |
Yacht racing and all the other stuff,1964.399,3.961 | |
that rich people do for fun and for,1966.14,4.08 | |
challenge you know they do martial arts,1968.36,2.939 | |
they,1970.22,2.699 | |
um they go on adventures and so on and,1971.299,3.961 | |
so forth the acquisition of status,1972.919,5.461 | |
symbols is part of that sense of,1975.26,5.22 | |
Excellence but there are plenty of other,1978.38,5.94 | |
ways to achieve excellence so uh other,1980.48,5.939 | |
aspects of pursuing the pursuit of,1984.32,4.02 | |
Excellence include that Mastery that,1986.419,4.921 | |
social recognition right in many cases,1988.34,6.66 | |
it's a matter of achieving that um that,1991.34,5.4 | |
status in the eyes of the people that,1995.0,3.72 | |
you care about for instance going back,1996.74,4.26 | |
to that idea of being a breadwinner that,1998.72,4.86 | |
head of household recognition the,2001.0,4.919 | |
recognition that you are a good man who,2003.58,4.14 | |
takes care of his family or that you're,2005.919,3.301 | |
a good mother who takes care of his,2007.72,3.179 | |
family or you know whatever it happens,2009.22,6.24 | |
to be there are other ways to Signal,2010.899,7.441 | |
tribal belonging for instance think,2015.46,4.439 | |
about all the guys that go to you know,2018.34,3.839 | |
watch the game together at the bar that,2019.899,3.841 | |
is something that gives them a sense of,2022.179,4.021 | |
belonging and even a sense of Excellence,2023.74,5.4 | |
if your team wins you feel uh like you,2026.2,5.099 | |
have benefited from that confidence,2029.14,4.8 | |
and all of this is possible without a,2031.299,4.74 | |
conventional career now that being said,2033.94,3.959 | |
I will say that it does take time to,2036.039,3.781 | |
adapt I know this personally because I,2037.899,4.02 | |
left my conventional career just earlier,2039.82,3.839 | |
this year and I kind of floundered,2041.919,4.321 | |
around for a while it was weird right,2043.659,4.621 | |
and I still struggled with finding okay,2046.24,4.32 | |
how is it that I can feel productive how,2048.28,4.379 | |
is it that I can feel meaningful and,2050.56,4.26 | |
valuable and so those metrics change,2052.659,4.02 | |
right now it's a matter of how many,2054.82,4.339 | |
views my videos get now it's a matter of,2056.679,4.621 | |
what we talk about when I go to the,2059.159,3.7 | |
meetups that I host and that sort of,2061.3,3.24 | |
thing,2062.859,3.3 | |
um now that being said I will say that,2064.54,3.78 | |
without a conventional career,2066.159,4.68 | |
uh finding something to be proud of,2068.32,6.0 | |
Mastery challenged all of that uh still,2070.839,6.421 | |
exists and it's still a need too,2074.32,6.359 | |
one example is I picked up a Guitar so,2077.26,5.159 | |
when I had my camera moved you probably,2080.679,2.881 | |
saw that I had a guitar in the,2082.419,2.7 | |
background that is a very fancy nice,2083.56,2.88 | |
guitar that I have not yet learned to,2085.119,2.641 | |
use that A friend gave to me many years,2086.44,3.36 | |
ago I got a very simple guitar that has,2087.76,4.8 | |
only three strings to start learning on,2089.8,5.819 | |
um but my point is is that you know one,2092.56,4.98 | |
of my dreams for myself is that I will,2095.619,4.441 | |
one day learn how to play guitar and I,2097.54,4.02 | |
can sit around the campfire and play,2100.06,3.6 | |
guitar and sing with my friends and that,2101.56,3.42 | |
is going to be something that I can,2103.66,3.0 | |
derive a sense of Excellence or a sense,2104.98,3.48 | |
of Mastery from might never get there,2106.66,3.24 | |
because I am,2108.46,6.119 | |
both tone deaf and I have awful timing,2109.9,8.16 | |
so you know uh anyways I wanted to close,2114.579,5.52 | |
this with physical fitness is one of the,2118.06,3.72 | |
most familiar models that people have,2120.099,4.441 | |
with a pursuing Excellence we all know a,2121.78,4.92 | |
bunch of Jim Bros and Gym Rats who,2124.54,4.86 | |
really Bank a lot of their pride and,2126.7,5.399 | |
their ego on looking good and feeling,2129.4,4.98 | |
good and being fit and looking sexy,2132.099,4.441 | |
right that is a model that everyone has,2134.38,4.199 | |
a lot of people do this and it's not for,2136.54,4.14 | |
financial gain it is purely for the,2138.579,4.26 | |
pursuit of excellence and so you take,2140.68,4.2 | |
that gym model and there's all kinds of,2142.839,3.901 | |
other stuff you can do with that a lot,2144.88,3.36 | |
of my friends are Gamers and they and,2146.74,3.119 | |
some of them even game competitively,2148.24,4.5 | |
same exact need being met is you get,2149.859,4.74 | |
that challenge you get the reward of,2152.74,2.94 | |
winning,2154.599,2.941 | |
or otherwise getting recognition for,2155.68,3.36 | |
Your Excellence,2157.54,3.66 | |
now the other part and this is actually,2159.04,4.26 | |
a little bit harder to address is,2161.2,4.86 | |
autonomy self-determination,2163.3,7.319 | |
losing your autonomy is a major cause of,2166.06,7.559 | |
burnout which is true for me you can,2170.619,5.48 | |
check out a video on my other channel,2173.619,4.881 | |
talking about burnout,2176.099,5.081 | |
it's also a cause of rebellion and,2178.5,4.54 | |
despair so in many cases around the,2181.18,4.2 | |
world win Rebellion has happened it is,2183.04,4.92 | |
because the citizenry lost their sense,2185.38,5.82 | |
of autonomy either due to oppression or,2187.96,4.86 | |
just economic collapse and they said,2191.2,3.12 | |
okay we're not really happy with this,2192.82,3.96 | |
we're going to take the power back,2194.32,4.74 | |
so this is a legitimate fear and let me,2196.78,4.2 | |
underscore why,2199.06,4.5 | |
if the jobs go away which I predict they,2200.98,5.4 | |
will then your money goes away and,2203.56,4.98 | |
particularly in America your personal,2206.38,5.16 | |
autonomy is directly tied to your wallet,2208.54,6.42 | |
your financial power is this is and this,2211.54,4.92 | |
is actually an explicit policy of,2214.96,4.32 | |
neoliberal societies is it is it the,2216.46,4.74 | |
freedom in the neoliberal society is,2219.28,3.839 | |
freedom to spend money however you,2221.2,5.879 | |
choose but this has the the uh the dark,2223.119,5.581 | |
side of that is that if you don't have,2227.079,3.301 | |
money you're not free which everyone,2228.7,3.899 | |
knows that in America right this is,2230.38,4.38 | |
something that uh people have said like,2232.599,4.26 | |
oh you know you're only as free as your,2234.76,4.319 | |
dollar right so this is not a new,2236.859,4.201 | |
phenomenon and this is why people are,2239.079,5.04 | |
afraid of AI ultimately taking their,2241.06,6.24 | |
jobs at least one of the reasons,2244.119,4.401 | |
um,2247.3,5.52 | |
this is a very powerful incentive and,2248.52,5.98 | |
I've actually had conversations over,2252.82,3.96 | |
many many years particularly with,2254.5,3.96 | |
conservatives that they say that this is,2256.78,4.079 | |
actually a very deliberate policy in,2258.46,4.56 | |
order to motivate people to work harder,2260.859,4.561 | |
and the idea is that the fear of not,2263.02,4.14 | |
having money and the fear of losing your,2265.42,4.14 | |
freedom is a powerful motivating factor,2267.16,4.32 | |
and of course this is the de facto,2269.56,5.82 | |
policy of America for several decades,2271.48,6.24 | |
um and it's taken even further because,2275.38,4.86 | |
part of that fear part of the part of,2277.72,5.16 | |
the motivating people away from poverty,2280.24,5.339 | |
is that poverty is something to be,2282.88,4.52 | |
ashamed of particularly in America,2285.579,4.681 | |
poverty or being poor is seen as a moral,2287.4,5.08 | |
failing or even a sin that if you're,2290.26,4.319 | |
poor not only do you deserve it but it's,2292.48,4.46 | |
your fault because you're a bad person,2294.579,5.581 | |
and in this case the the more money you,2296.94,4.96 | |
have the more free you are but also the,2300.16,3.54 | |
more virtuous or righteous you are and,2301.9,4.199 | |
this goes back to our Protestant and,2303.7,5.879 | |
Puritan Roots so personal agency or,2306.099,5.221 | |
self-determination or autonomy is,2309.579,4.141 | |
inextricably tied to your financial,2311.32,4.88 | |
power this is a very problematic,2313.72,4.859 | |
mentality and I'm not saying that like,2316.2,4.84 | |
if you feel this way it's it's not your,2318.579,5.101 | |
fault I'm saying that like the fact that,2321.04,5.22 | |
this exists in our Zeitgeist is that's,2323.68,4.98 | |
that's the problem now,2326.26,4.68 | |
with post-labor economics this is my,2328.66,4.8 | |
hope and dream is that with post-labor,2330.94,4.62 | |
economics if optimal redistributions,2333.46,4.26 | |
remember the idea of the rain clouds,2335.56,4.799 | |
dropping rain everywhere if optimal,2337.72,5.04 | |
redistribution is achieved then our,2340.359,6.121 | |
individual autonomy should increase so,2342.76,5.76 | |
what I mean by this is that first,2346.48,4.74 | |
abundance of free time imagine that your,2348.52,4.74 | |
need for for working a day job goes away,2351.22,5.46 | |
so suddenly you have 40 hours of per,2353.26,6.66 | |
week back that's all yours so free time,2356.68,6.84 | |
is one component of autonomy the other,2359.92,5.34 | |
thing is the decrease in cost that we,2363.52,4.5 | |
talk about so if a lot of goods and,2365.26,6.0 | |
services go down in price then whatever,2368.02,6.36 | |
money you do have is actually going to,2371.26,4.68 | |
take you further so basically your,2374.38,3.84 | |
financial power is effectively increased,2375.94,5.94 | |
even if you don't make as much money now,2378.22,6.48 | |
that being said the biggest problem the,2381.88,4.44 | |
elephant in the room for all this is,2384.7,4.02 | |
that trust in the American system is low,2386.32,4.32 | |
the government has a poor track record,2388.72,4.32 | |
of sticking the landing on these kinds,2390.64,4.14 | |
of things and this is not something that,2393.04,3.48 | |
you and I can fix this is something that,2394.78,5.18 | |
the government has to decide to fix,2396.52,3.44 | |
now as we wind down we're getting closer,2400.359,4.381 | |
to the end of the video so,2402.46,5.58 | |
this is kind of for for us nerds uh the,2404.74,5.52 | |
metrologists the matricians who really,2408.04,3.66 | |
want to say okay well how do we measure,2410.26,2.76 | |
this stuff and this is just kind of like,2411.7,4.139 | |
me throwing wet spaghetti at the wall,2413.02,5.88 | |
as I mentioned earlier existing key,2415.839,5.221 | |
performance indicators kpi like labor,2418.9,4.14 | |
force participation rate probably won't,2421.06,4.26 | |
matter as much in the future we're going,2423.04,5.059 | |
to need to measure economic productivity,2425.32,5.279 | |
uh and individual well-being through,2428.099,4.841 | |
entirely different means but this,2430.599,4.621 | |
underscores the the key question which,2432.94,4.34 | |
is what are we trying to optimize for,2435.22,4.98 | |
GDP is a proxy for a lot of other things,2437.28,5.14 | |
but it's also an aggregate number that,2440.2,4.26 | |
is on its own relatively useless just,2442.42,4.62 | |
kind of like how the stock market is an,2444.46,4.86 | |
aggregate number that for you and me on,2447.04,4.92 | |
a day-to-day basis pretty useless,2449.32,5.759 | |
so one idea that I had was a well-being,2451.96,4.94 | |
index which would be based on,2455.079,4.26 | |
self-determination Theory,2456.9,5.26 | |
um and so it would measure a,2459.339,4.321 | |
population's well-being based on,2462.16,4.14 | |
autonomy Mastery or competence and,2463.66,5.4 | |
connection so that would be like how,2466.3,4.319 | |
much free time does everyone have in the,2469.06,5.34 | |
in in your um in your uh Nation how much,2470.619,6.0 | |
Social Mobility do they have in terms of,2474.4,4.439 | |
the ability to live where they want and,2476.619,3.781 | |
go on the vacations that they want to,2478.839,3.78 | |
and take on the leader activities that,2480.4,4.32 | |
they want to so autonomy would be a,2482.619,3.24 | |
really important thing to measure and,2484.72,3.18 | |
try and optimize for Mastery or,2485.859,3.781 | |
competence would be another thing and,2487.9,3.36 | |
that's a much that's a lot harder to,2489.64,3.84 | |
measure in aggregate because for some it,2491.26,3.9 | |
looks different for everyone for some,2493.48,3.48 | |
people Mastery might be getting a third,2495.16,4.56 | |
PhD for other people it might be joining,2496.96,4.44 | |
you know a football league or something,2499.72,3.96 | |
it again it's really difficult to,2501.4,5.04 | |
measure and then finally connection is,2503.68,3.72 | |
the third component of,2506.44,3.659 | |
self-determination Theory or sdt and,2507.4,4.92 | |
connection it can easily be measured by,2510.099,4.081 | |
number of friends that you have amount,2512.32,3.0 | |
of time you spend with friends and,2514.18,3.3 | |
family and that sort of thing,2515.32,6.299 | |
um so uh another uh existing index is,2517.48,5.76 | |
the Ginny coefficient which measures,2521.619,2.941 | |
wealth distribution and wealth,2523.24,3.3 | |
inequality but again that is just a,2524.56,3.84 | |
proxy for other things and that presumes,2526.54,3.78 | |
that wealth solves all other problems,2528.4,4.38 | |
which it certainly helps it solves a lot,2530.32,3.96 | |
of problems but it doesn't solve all,2532.78,4.86 | |
problems another uh potentially valuable,2534.28,5.46 | |
framework in order to create these new,2537.64,4.32 | |
kpi that we might need to optimize for,2539.74,4.5 | |
in post labor economics would be,2541.96,4.8 | |
Maslow's hierarchy of needs is everyone,2544.24,4.02 | |
getting their basic needs met is,2546.76,3.96 | |
everyone getting uh and there's a lot of,2548.26,4.56 | |
overlap between Maslow and sdt so I,2550.72,4.32 | |
don't need to rehash all that,2552.82,4.74 | |
so anyways this was a really powerful,2555.04,4.44 | |
deep dive I hope you got a lot out of it,2557.56,5.18 | |
and thanks for watching,2559.48,3.26 | |