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I think fundamentally if you're driving productivity with AI, you're driving
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leverage on human time and leverage on capital. The question is how quickly can you drive that up? And that's a function
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of how much consumption there is, how much capacity there is for consumption. So if your earnings are the same, but
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things are getting more expensive, you're not happy. If your earnings go up by 10%, things stay the same price, you
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got 10% more than you had last year, you're you're going to be happy. I just
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think like all humans are driven by this need to consume more each year than they
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did last year. So I think for me that's like the lower limit on consumptive capacity in the world. The question that
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we're now facing which we've never faced in human history before is there a upper
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limit >> on consumptive capacity because AI creates such a profound shift in
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productivity and in leverage that normally you would say hey when we get a new tool or we get new leverage in a
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system we build a new technology we can make more with less. Therefore, everyone
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gets access to more things for the same price or the cost of things that they consume come down by a certain price.
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But there may be a situation now where the ability to make stuff exceeds the capacity to consume stuff. And that is
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something that I don't think we've faced before. And I think that's sort of where
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a lot of the models start to break. Just general economic models, just general productivity models, and general social
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models. And this goes to the point about like what is everyone going to do? In the same way that I think we've argued
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that maybe SAS was a transitory business phenomenon that existed between the foundation of the internet and the era
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of AI. It may be the case that knowledge work in general is also a transitory phenomenon that only existed between the
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foundation of the computer or computing tools and the existence of AI generally speaking. And if all of that goes away
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very quickly and all of those people can be redistributed and recast into doing other higher level more creative things,
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their productivity goes up by 100x. Is there really a consumer on the other end of all of that productivity? Is
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there really enough consumptive capacity? And I think that's the profound question that we all