Automation is coming hot and heavy. This is a point that, outside the most ardent deniers, is basically accepted. Since COVID-19 hit, we saw this only accelerated.
In our retail stores, automated machines are cleaning the floors. The number of self-checkout lines have increased. Warehouses are seeing a lot of projects meant to automate them. And RPA is entering offices all over the world.
Many believe this is going to put a great deal of stress on the job market. As more jobs are automated, less people will be required to fulfill our basic needs. That is the theory anyway.
This is not a new concept. Many felt this way over the decades, only to have that vision unrealized. Technology fulfilled a lot of promises yet it did not reduce the number of hours the average person is working, especially in the United States.
Hence, many believe this time will be no different.
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There is one thing that is different: the pace and level of sophistication of the technology we are dealing with. In the past, automation meant getting rid of physical labor. Today, white collar jobs are finding themselves in jeopardy. This shift could be even more destructive than what we saw in the blue collar world since software is easier to develop than robots.
So what happens if we do get to that magical point where many people are without work? Leaving aside some of the financial issues, there are going to be a host of other issues that society has to deal with.
On an individual level, how will we psychologically embrace this? Many people have tied their value/self worth to what they do. In the United States, for example, one of the first questions we ask people when meeting them is "what do you do". Thus, our identities are interwoven with our professions,.
How will people adapt where what they do is no longer a part of them? Will they be able to psychologically embrace it and garner that from other areas?
We also have the idea of what will people do all day long. Some like to theorize that people will do nothing but sit on the couch and drink or do drugs. Certainly, there are some who do this but the majority will not. How do we know? Simply because we have an example from the retirees. Sure some people retire and spend their days drinking or watching television. However, the majority, after some time, end up finding hobbies or other areas of interest.
If the idea of abundance being created is upon us, then this is a realistic possibility that we will be confronted with. Today, most people work for sustenance. They exchange time for money which allows them to pay for the basic necessities to survive. Thus, for most of humanity's lifespan, we simply operated completely in survival mode. Our hours are spent trying to simply provide the basics for our lives.
We could be within a few decades of entering a post-monetary society. This seems outlandish to us today yet it could be nearing. If technology enables us to generate a lot of the basic necessities at the atomic level, then we are suddenly in an entirely different realm.
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In the meantime, we see concepts such as "player driven economy" cropping up as a new model that is being forged. As we progress towards the Metaverse, economies will more resemble games as opposed to what we see now. Each "world" could have is own economy, no longer being 100% dependent upon geography.
Picture how all of this changes the job market and what people will do. What will we be drawn to? How will be spend our time?
Essentially, we are looking at having to review our entire value system. What is important to us suddenly becomes vital. This will be evident in how we opt to contribute and where.
Massive technological progress will result in a large amount of deflation over the next few decades. Hence, the cost of living in going to decline across the planet. Just like the smartphone is now a nominal amount across the planet, many areas that are now high cost will no longer be that way in a decade or two.
This will further pull the income statement into equilibrium. The base amount required to sustain ourselves will be lower. This will give people more options.
Therefore, a lot of the drudgery we experience in the economy today should be removed. How will this impact you? What do you think you will do if work is not longer a requirement? Will your identity be affected?
Cryptocurrency is a forerunner to all of this. Those whoa are active and involved already see some of what is taking place. Many of us are getting dozens of tokens on a weekly basis, some with great value.
Over time, this might head to higher levels as the Network Effect kicks off. What all this means is financial freedom is spreading to more people each day. Whatever the number is that one needs to hit, we see it before us. Even if it is far away, we can see the path to get there.
Ponder some of these concepts. They are unfolding before our eyes. Therefore, consider this main question (in the title) as something that you will confront at some point in your life. Take if from someone who is a bit older, a decade or two can pass very quickly.
We could be in this position a lot sooner than any of us realize.
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