alt Hacker NewsCommunism with "cybernetics" (computer driven economic planning) is the appropriate model if you take this to the logical conclusion. Fortunately, much of our economy is already planned this way (consider banks, amazon, walmart, shipping, etc.), it's just controlled for the benefit a small elite.
You have to ask, if we have AGI that's smarter than humans helping us plan the economy, why do we need an upper class? Aren't they completely superfluous?
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The AGI, given it has some agency, becomes the upper class. The question is, why would the AGI care about humans at all, especially given the assumption that it's largely smarter than humans? Humans can become superfluous.
Well, aren't the working class also superfluous, at least once the AGI gets enough automation in place?
So it would depend on which class the AGI decided to side with. And if you think you can pre-program that, I think you underestimate what it means to be a general intelligence...
Sure, maybe the Grand Algorithm could do what the market currently does and decide how to distribute surplus wealth. It could decide how much money you deserve each month, how big of a house, how desirable of a partner. But it still needs values to guide it. Is the idea for everyone to be equal? Are certain kinds of people supposed to have less than others? Should people have one spouse or several?
Historically the elites aren't just those who have lots of money or property. They're also those who get to decide and enforce the rules for society.