- will the increase in the quantity of artwork being bought (assuming there is one) compensate the decrease in price for each piece of art?
Clearly for software, _so far_, the increase in productivity / decrease in price has led to such a big increase in demand for software that some programmers are better off - I say _some_ because many jobs within the software industry stopped existing.
Yet if we look at something like agriculture, there has been some increase in demand in food products(e.g. much more meat is being sold), but one can only eat so much - so most of the increase in productivity has led to way fewer people working as farmers, and not much increase in farmers income.
No "these are tools to replace farmers - these are tools farmers can use to do more and better work".
Basically people are making statements about the elasticity of demand with respect to prices for prices & quantities no one has ever observed. If making a piece of art is now 1/2 (random number) the cost thanks to AI, will people buy 50% more? 100% more? 1000% more? I have no idea and I am not sure why people think they do.
- will be more artwork be bought (probably)
- will the increase in the quantity of artwork being bought (assuming there is one) compensate the decrease in price for each piece of art?
Clearly for software, _so far_, the increase in productivity / decrease in price has led to such a big increase in demand for software that some programmers are better off - I say _some_ because many jobs within the software industry stopped existing.
Yet if we look at something like agriculture, there has been some increase in demand in food products(e.g. much more meat is being sold), but one can only eat so much - so most of the increase in productivity has led to way fewer people working as farmers, and not much increase in farmers income.
No "these are tools to replace farmers - these are tools farmers can use to do more and better work".
Basically people are making statements about the elasticity of demand with respect to prices for prices & quantities no one has ever observed. If making a piece of art is now 1/2 (random number) the cost thanks to AI, will people buy 50% more? 100% more? 1000% more? I have no idea and I am not sure why people think they do.