AI threatens to repeat that pattern of increasing the wealth margin of the rich

[Oshosondy]

'AI threatens to repeat that pattern': BlackRock CEO warns of wider wealth inequality without broader access

We have often discussed about AI possibility of increasing unemployment, but some people said that as some jobs are no more wanted in the modern world, that some jobs will later be created. But what about what the Blackrock CEO, Larry Fink warned on Monday that while most wealth has gone to asset owners, that AI could worsen wealth inequality unless more people share in market growth.

https://finance.yahoo.com/news/ai-threatens-to-repeat-that-pattern-blackrock-ceo-warns-of-wider-wealth-inequality-without-broader-access-163226483.html

But I still think there is inequity already in the capitalist countries which I think it is not what people will be bothered about. What do you think about what he says? You can use the link to read what he talked about the inequality that AI might create.

[Alpha Marine]

Why is e talking like AI is the cause of inequality? Hasn't it always been so? Aren't the rich the ones who benefit most from the profit of every technological innovation? Even with Bitcoin, those who have more capital make the most out of it.
A lot of what he says makes sense, though,h and I agree with him, especially the part where he said;

Stay invested in the markets for the long term, because “over time, staying invested has mattered far more than getting the timing right.

Using Bitcoin as an example, it is better to stay invested for a long time than to try to get the timing right. But on the issue of inequality, it has always been a thing, and it will always be a thing, even in socialist countries that claim to have a better system than capitalism.

I agree that people should try to buy stocks, but getting the capital is one thing; the other thing is choosing the right stock. How do you know which company's stock to buy? And I don't even think investing in stock is what would close the gap between the rich, average and poor, but that is a different topic.

[Wiwo]

Who is behind AI= Humans, so AI can never beat humans to it regardless of the amount of success it has gained within its existence,.

About global wealth distribution, remember the rich get richer and the poor get poorer, what that means is that always the rich are at a better advantage than the poor so if AI benefits the rich more, it means yes including the internet, fuel, crypto, gold, company shares etc.

I believe that with time we all will get used to the impact and advantages of AI to humans/technological development.

[Free Market Capitalist]

But I still think there is inequity already in the capitalist countries which I think it is not what people will be bothered about.

You forget to mention that inequality in the most capitalist countries (no country is purely capitalist) is much better than the socialist ones, where people starve and many flee the country. There are countries like Cuba or Venezuela where there really is inequality, where ordinary people live a life of misery while politicians live a life of luxury.

In the most capitalist countries, if AI ends up replacing most jobs, a basic income will eventually have be implemented.

[Marvelockg]

But I still think there is inequity already in the capitalist countries which I think it is not what people will be bothered about. What do you think about what he says? You can use the link to read what he talked about the inequality that AI might create.

There's no society that exist where you find those domicile in such community enjoying every privilege in common. The more wealthy and knowledgeable you are, the more you're likely to to enjoy whatever technology brings and that way, the gap between the rich and the poor will always exist and the technologically inclined people will have more advantage over those that are not. You want to be at the end that gains, ensure you're rich and that you're well positioned for whatever opportunity that comes in your area of specialization.

[uchegod-21]

The rich control the economy. Everyone works for the rich including AI and the poor people. Once AI increases productivity, all profits will go to the rich as usual. These has always been the pattern which I do not expect anyone to shocked over. There is nothing like equality in the society and no government or NGO has been able to successfully bridge the gap between the rich and the poor. The old pattern will always be there. It's just unfortunate that inequality may get worse now as AI will soon take over jobs meant for the poor and increase productivity for the rich.

[Moreno233]

I don't want to disagree with BlackRock CEO on this statement because I don't know what he is seeing that made him come up with this statatememt but what I do know is that as much as AI is taking away jobs of millions of people, it is also creating jobs for millions of people and even creating so may millionaires among people who never dreamt they will become millionaire through the conventional job systems.  Check how people are using AI for content creation for instance, people are raking thousands of dollars from Tiktok and other social media with AI generated contents and they are doing so from the comfort of theyr homes. The gap between the rich and the poor will always be there with or without AI.

[mu_enrico]

Wealthy people tend to be richer over time, assuming that they invest in the correct thing, that's the power of capital, so AI or whatever else doesn't matter, their wealth will increase nonetheless. I expect no difference from previous industrial revolutions, some goods and services will be better/cheaper while some jobs will be replaced by AI, and new jobs will arise.

As for inequality, it's a different matter. Hierarchy exists in many living communities (occurs naturally), so it might not be a problem. The difference is that humans can move from one class to another by having luck, working smart, etc.

[Cryptomultiplier]

The rich will get richer because they have the access to large capital and resources that the poor can only dream of and that is why the introduction of AI inclusivity is meant to reduce human labour while increasing productivity and efficiency.
The best way to bridge this gap is to increase knowledge and skills of AI applications and this goes beyond nothing more than learning and integration in any capacity one can. It is working smart, not hardwork.

[Bluedrem]

Who is behind AI= Humans, so AI can never beat humans to it regardless of the amount of success it has gained within its existence,.

About global wealth distribution, remember the rich get richer and the poor get poorer, what that means is that always the rich are at a better advantage than the poor so if AI benefits the rich more, it means yes including the internet, fuel, crypto, gold, company shares etc.

I believe that with time we all will get used to the impact and advantages of AI to humans/technological development.

Yes, I have said this several times. In fact, no matter how successful AI may appear, it is still run by humans. When I heard about AGI (artificial general intelligence) technology, I was a little scared because if a technology is created that does not require humans to operate it, that can operate itself, then humans will gradually come into conflict with that technology. One day, we will see that AGI technology has declared war on humans.