In thinking through other tech revolutions, there is some cause in my opinion to view A.I. slightly differently.
While I do not think it is happening quite yet, if A.I. can eclipse the total capabilities of humanity, than it would be replacing labor with capital, in a full substitution. So long as the cost of AI capital is cheaper than that of labor, the output is greater per unit of expenditure for capital here.
Simply put, capital CAN replace labor.
There are still areas, such as ‘services’ particularly retail types experiences, areas with our social selves, areas of human-specific creativity, where humans would still excel and I suppose that is the last frontier. We moved to cities and off the farms, during the industrial revolution and I supposed this is an evolution of it.
All previous tech revolutions HAVE created new jobs. I rely on what Say’s law / equilibrium theory says here, which is that new products always create new demand.
One hopes so, for otherwise – if capital is controlled by the few – and the production that capital creates is not equitably distributed, we’d see some of the worlds/dynamics which dystopian writers have speculated on.