Part 10/13:
A critical concern is the “race to the bottom”: as one firm replaces human workers with AI, competitors are compelled to do the same to stay competitive. Major firms like Amazon are already firing thousands of finance and administrative workers, replacing them with AI systems. This creates a vicious cycle of automation, further exacerbating unemployment.
Once productivity enhances and labor costs diminish, new hiring becomes less attractive—thus deepening unemployment. The result may be an economy where job creation halts, and a large segment of society is left without income or safety.