Jeff Bezos is right: we are about to enter a jobs and productivity boom. The recent layoffs (Meta and Amazon) are about 10% of their total employees, and this is to be expected after the hiring boom that happened during the COVID years. Also, the Metaverse is a flop.
Jeff Bezos reveals why he thinks AI will cause a labor shortage, not mass unemployment
"There's so many people who are afraid AI is going to take their job. I think there's going to be a labor shortage as a result"
"All these smart people keep saying there's going to be no more radiologists because AI can read X-rays better, no more software engineers because AI can program better. These people are wrong"
"What's really going to happen is it's going to elevate all of these people. You've been digging out a basement with a shovel, and somebody is about to hand you a bulldozer"
"We're going to have so much productivity that a lot of people with two-earner income households, one of them is going to drop out of the workforce"
"I predict we will actually have deflation of certain core things. Food will get cheaper and housing construction will get cheaper"