Login
You're viewing the front-end.social public feed.
  • Toni Aittoniemigimulnautti@mastodon.green
    Sep 7, 2026, 8:02 AM

    Post-Keynesian economist Steve Keen shows how the #AIBubble is related to all the previous overinvestment bubbles.

    He’s got the models and the math to prove it, and it’s easy to follow.

    But most importantly, he then goes and models also the hypothetical post-AGI market with huge job losses.

    Keen shows, that if the tech bros keep insisting on current #Neoliberal models without #UBI funded by a government deficit, we might end up in a Hunger Games world.

    youtube.com/watch?v=TD3FB9NkwSQ

    #economics

    💬 1🔄 1⭐ 1

Replies

  • David Chisnall (*Now with 50% more sarcasm!*)david_chisnall@infosec.exchange
    Sep 7, 2026, 8:53 AM

    @gimulnautti

    But most importantly, he then goes and models also the hypothetical post-AGI market with huge job losses.

    I don't click on YouTube links, but this bit makes me sad. It's not just 'hypothetical', it's science fiction. Talking about the economic impacts of antigravity, cold fusion, or room-temperature superconductors would make as much sense, and connecting discussions of an investment bubble built on outright lies by discussing what would happen if those lies were actually true undermines the message.

    💬 2🔄 0⭐ 0
  • Toni Aittoniemigimulnautti@mastodon.green
    Sep 7, 2026, 1:50 PM

    @david_chisnall There will always be job losses from automation. I think there will be some from LLM-enhanced software and robotics also.

    They’re not going to come from the AI bubble, but after it. Same way Google replaced newspapers in selling ads, social media replaced classifieds.

    The job losses might be realised through dumbing down, too. People don’t read, don’t think. The next generation, is what we should be thinking of.

    💬 0🔄 0⭐ 0
  • Donal Fellowsdkf@cyberplace.social
    Sep 8, 2026, 1:52 PM

    @david_chisnall @gimulnautti It's a simplification, but simplifications are needed to get tractable models so their evolution can be studied.

    In the case of AI, the proposal is that AI will enable many types of for-wages jobs to be replaced (that's what the techbros are trying to sell, and how they justify their valuations). That will have a profound impact.

    I just wonder about the impact of unbounded government liability with UBI. The model isn't close to complete.

    💬 0🔄 0⭐ 0
  • 😀🚲enobacon@urbanists.social
    Sep 7, 2026, 8:55 AM

    @gimulnautti the premise that LLMs can replace labor rests on the assumption that quality of product or service doesn't matter and capital will still profit. It's false, but that won't stop them from wrecking the economy to find out. The question again is whether we all pitch in to prop up the fallen idol of capitalism yet one more time, and buy a bunch of used gaming PCs for too much money.

    💬 0🔄 0⭐ 0