The most common reason people stop counting as participating in the labor force is that they grow old and living off savings, passive income, pension and/or social benefits is better than continuing working, which we call a retirement. With global graying of the population, 50% of formerly working people will necessarily become permanently unemployable in this sense eventually even without the AI progress.
Also, note that Finland has ~10% unemployment rate and they are quite OK because of the social safety net. If AI was to be heavily taxed and these funds were used to support the population suffering job losses (implausible for the US indeed but plausible for Europe), even in absence of “strong AGI” people might choose not to work in order to get welfare without actually being unemployable.
(Yeah I do care but Toby has not left a single comment here)
The most common reason people stop counting as participating in the labor force is that they grow old and living off savings, passive income, pension and/or social benefits is better than continuing working, which we call a retirement. With global graying of the population, 50% of formerly working people will necessarily become permanently unemployable in this sense eventually even without the AI progress.
Also, note that Finland has ~10% unemployment rate and they are quite OK because of the social safety net. If AI was to be heavily taxed and these funds were used to support the population suffering job losses (implausible for the US indeed but plausible for Europe), even in absence of “strong AGI” people might choose not to work in order to get welfare without actually being unemployable.
(Yeah I do care but Toby has not left a single comment here)