The comparison to more competition in labour by way of things like population-growth doesn't work because THAT competition consisted of human beings like you and me, and thus couldn't fundamentally outcompete you.
A hypothetical AGI can work 24x7x365 at a cost low enough that were you paid the same, you'd not be able to buy the necessities you need to sustain life. It'd be like having your labour compete with the labor of someone who never gets tired, and needs a salary of a dollar a day to sustain themselves.
Why would ANYONE hire you at a cost of (say) $25/hour if there's no task you can do better than a machine that costs $0.25/hour to operate?
AC doesn't "completely" solve the problem, because they:
a) Have time-needs for the purchase, installation and maintenance, none of which are included here. b) Make noise, at least some of us also work less efficiently while subject to noise.
The comparison to more competition in labour by way of things like population-growth doesn't work because THAT competition consisted of human beings like you and me, and thus couldn't fundamentally outcompete you.
A hypothetical AGI can work 24x7x365 at a cost low enough that were you paid the same, you'd not be able to buy the necessities you need to sustain life. It'd be like having your labour compete with the labor of someone who never gets tired, and needs a salary of a dollar a day to sustain themselves.
Why would ANYONE hire you at a cost of (say) $25/hour if there's no task you can do better than a machine that costs $0.25/hour to operate?