AGI WILL NOT MAKE LABOR WORTHLESS

Summary from the TLDR newsletter

Fears about human labor being replaced by machines go back hundreds, if not thousands, of years. These fears continue today with the rapid progress of AI in several previously secure human domains. The amount of intelligence competing in the average person's labor market has increased by several orders of magnitude over the past few centuries, but this did not turn low-skilled laborers into a permanently unemployed underclass - in fact, their incomes increased a lot as they specialized and traded with skilled workers. Human-level AGIs will still face constraints, forcing them to trade with humans for other services, just like skilled humans do.