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I don't think I worry about this too much... people will always find a way to provide value to each other, one way or another.
But if we take your premise as given, and more people can't earn a subsistence wage in a competitive labor market, then we probaly will end up with more UBI-style social programs, on the logic of:
- Their "value" becomes giving them resources so they don't resort to violence
- Their "value" becomes some kind of moral/aesthetic existence value, e.g. how we want certain things to exist even if we don't plan to utilize them (e.g. I care about the existence of the great barrier reef even if I never plan to visit)
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I agree and I don't have this as my most likely scenario, just one that seems plausible and unfortunate.
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The version I do worry about a little is the idea that the minimal intelligence threshold for employment is rising: i.e. there's a growing segment of the population that's just not smart enough to provide sufficient value to others in a modern economy to earn a subsistence wage.