The executives and shareholders will only be excited about the first order effects of widespread automation like this.
They will be less excited about the second order - a steady loss of revenue as whole professions are automated and people can't find a well paying job.
The third order will be even worse when no one has a job or money to buy anything.
People always point to the industrial revolution. But that created millions of jobs before it obsoleted millions of jobs - you needed workers to create tractors. This wave seems to be shaping up much more like what happened to the rust belt in the late 20th century, regions which still haven't recovered. However this time it'll hit pretty much everyone, everywhere.
They will be less excited about the second order - a steady loss of revenue as whole professions are automated and people can't find a well paying job.
The third order will be even worse when no one has a job or money to buy anything.
People always point to the industrial revolution. But that created millions of jobs before it obsoleted millions of jobs - you needed workers to create tractors. This wave seems to be shaping up much more like what happened to the rust belt in the late 20th century, regions which still haven't recovered. However this time it'll hit pretty much everyone, everywhere.
Good luck with that capitalism.