About this Video

• Video Title: Post-Labor Economics in 8 Minutes - How society will work once AGI takes all the jobs!
• Channel: David Shapiro
• Speakers: David Shapiro
• Duration: 00:07:50

Introduction

This video discusses post-labor economics, exploring how society might function after artificial general intelligence (AGI) takes over most jobs. The speaker focuses on the shift from wage-based income to property-based income streams and the necessary societal adjustments.

Key Takeaways

• Labor Substitution: Automation, particularly through AI and robotics, will replace human labor in many sectors, leading to widespread job displacement.
• Economic Agency Paradox: The paradox arises when widespread automation initially lowers operating costs, but ultimately leads to decreased aggregate demand due to joblessness.
• Shifting Income Sources: A transition from a predominantly wage-based economy to one reliant on property (stocks, bonds, real estate) and government transfers (UBI, social security, etc.) is anticipated. Diversification of income sources is crucial to avoid over-reliance on government support.
• Four Pillars of Civic Society: Maintaining social equilibrium requires a balanced relationship between citizens, the state, businesses, and banks. The video emphasizes the need to rebalance power dynamics if labor power is lost.
• Algorithmic Rights: As a replacement for declining labor rights, algorithmic rights (data sovereignty, auditability, participatory governance, etc.) are suggested to maintain property and democratic rights in an automated future. Blockchain technology is proposed as a key enabling infrastructure.

The four primary sources of income discussed as potential replacements for wages in a post-labor economy are:

1. Universal Basic Income (UBI) – government-provided basic income.
2. Wealth funds (sovereign wealth funds, urban wealth funds, community investment trusts) – providing dividends based on citizenship or regional residence.
3. Private collective property (credit unions, DAOs) – income generated from collectively owned assets.
4. Private wealth (stocks, bonds, real estate) – existing forms of private investment income. A portion of residual wages might also remain.