(don't forget to "allow pasting" in [chrome] console first)
This makes sense given both automation and the US's role in the global economy, but it runs somewhat contrary to standard ideas of class and inequality.
Apparently "top executive" median pay is $105,350 per year: https://www.bls.gov/ooh/management/top-executives.htm
Now just think of the comp levels in sectors like government, education, etc.
If you click the link it mentions "general and operations managers". They're tossing a lot of different roles into the category.
It's the combination of tech and big or fast growing companies.
People who operate in FAANG or Silicon Valley bubbles (or who spend too much time on Blind) can lose track of what salaries look like in the rest of the world.
I often share Buffer's open salary page because their compensation is actually pretty normal from all of the data I've seen and hiring I've done: https://buffer.com/salaries
Every time it gets posted there are comments from people aghast that the software engineers "only" make $200K and in disbelief that the CEO's salary is "only" $300K.
Can you elaborate?
Chief Executives is actually a specific sub-category of it and is, obviously, much smaller.
I think AI outcomes distribute to contexts where it is used, and produce a change in how we work, what work we take on. Competition takes care of taking those surpluses and investing them in new structure, which becomes load bearing and we can't do without it anymore.
In the end it looks like we are treading water, just like it was when computers got 1M times faster in a couple of decades, but we felt very little improvement in earnings or reduction in work.
Surplus becomes structure and the changed structure is something you can't function without. Like the cell and mitochondrion, after they merged they can't be apart, can't pay their costs individually anymore. Surplus is absorbed into the baseline cost.
The 1% pockets, this is where the vast majority of the extra productivity computers/internet/automation brought goes to for the last 50 years: https://www.epi.org/productivity-pay-gap/
1) The salaries of corporate employees 2) Shareholders and capital owners
Regarding number 2: "Shareholders" would include anyone who owns any stock at all, including a lot of middle class people with a simple S&P 500 ETF in their portfolio.
And the increase in productivity allowed more people to become capital owners, AKA entrepreneurs. The explosion in software entrepreneurs, for example.
Because no matter what fairy tales you want to believe in your $20 "invested" in palantir won't make you a "shareholder" lmao
Lots of middle class people have graduated into upper-middle class: https://www.aei.org/research-products/report/the-middle-clas...
Wealth inequality is still a problem. But it's not just the people at the very top benefitting.
For a business, the question is whether you can make more money by doing more ambitious things.
Agriculture is a good example of that: http://www.johnhearfield.com/History/Breadt.htm
But given that the stock market hasn't panicked, this must mean at least one of these premises is false:
1. Economic activity is relatively flat.
2. AI makes us a million billion zillion times more productive than we used to be.
3. The stock market is rooted in reality.
This was already obvious, the more important question is what are we (collectively, society & our governments) going to do about it?
We (should have) already known most of our jobs were bullshit jobs, especially white collar jobs. The difference is now we might have something coming that will eliminate the bullshit jobs.
But society will always need bullshit jobs or the whole system collapses. Not everyone can go dig ditches, so what do we do?
I think this is a very important point. The hedonic treadmill means real gains are discounted. The novelty information cycle is like an Osborn Effect for improvements, like the semi-annual Popular Mechanic's flying car covers where there is an enticing future perpetually nearly here and at the same time disappointingly never materialized.
This time the jobs most in the crosshairs of AI are the jobs that constituted the paper pushing overhead of modern society, all the paper pushing jobs. Instead of $1 widgets from China replacing $2 domestic widgets it's gonna be $1 AI services replacing $2 services that require a real human.
This is hard to reason about because people tend to consume these kinds of services in big multi hundred or multi thousand dollar increments but in practice what it means is that when you have to engage an accountant, engineer, having something planned out in accordance with some standard, that will be substantially cheaper because of the reduced professional labor component.
And of course, as usual, the string pulling and in investor class will get fabulously wealthy along the way.
BLS forward looking guidance means nothing when technology revolutionizes the nature of work.
Putting aside the slop facade place atop the data....why would we trust the data?
Yay!
>Computer Programmers: -6%
Oh no
(Source: https://www.bls.gov/ooh/computer-and-information-technology/...)
Computer Programmers median pay according to BLS: $98,670 per year
(Source: https://www.bls.gov/ooh/computer-and-information-technology/...)
Software developers typically do the following:
- Analyze users’ needs and then design and develop software to meet those needs Recommend software upgrades for customers’ existing programs and systems Design each piece of an application or system and plan how the pieces will work together
- Create a variety of models and diagrams showing programmers the software code needed for an application
- Ensure that a program continues to function normally through software maintenance and testing
- Document every aspect of an application or system as a reference for future maintenance and upgrades
(Source: https://www.bls.gov/ooh/computer-and-information-technology/...)
Computer programmers typically do the following:
- Write programs in a variety of computer languages, such as C++ and Java
- Update and expand existing programs
- Test programs for errors and fix the faulty lines of computer code
- Create, modify, and test code or scripts in software that simplifies development
(Source: https://www.bls.gov/ooh/computer-and-information-technology/...)
Programmers is like a translator; somebody else came up with what to do and you're doing the mechanical work of converting words into C++.
Developer involves coming up with what to do.
Hence programmers is a lower paid position.
There's no functional difference between a 'software developer' and a 'programmer'. they're just synonyms that sometime pay differently.
Reason for hope
They're saying that programmers will be declining. While Developers, and crucially, Testers and QA people will be increasing. That testers and QA become more important in the future sounds plausible to me in a future hypothetical world of ubiquitous AI.
All of that doesn't necessarily imply that the Developer class of employees will grow at the same rate as the Tester and QA classes of employees.
My friends and I who have a bachelor's degree in CS make more money than my friends who have or are working towards master's degrees in CS, because the former are working in the private sector and the latter are in academia making peanuts.
Edit: Another possible reason that Masters degrees were less common in the past, so the Bachelors pay statistics skew towards people with more work experience in their higher earning years, whereas the Masters pay statistics skew towards younger people with less work experience.
Apple, a very successful company, makes 300B/y revenue? (ish)
~10% is all you need to be Apple.
And, it can work by taking all of 10% of the jobs and collecting the whole salary (the AI employee -- dubious proposition),
or by taking 10% of everyone's salary and automating part of everyone's job (the AI "tool" -- much more plausible).
If "part" being automated is >10%, we all win in the long run, every company gets productivity growth without cost growth, etc etc.
If you add in data center costs, and multiple competing AI companies, and then expand the TAM to all white collar work worldwide, you can make everyone successful beyond their wildest dreams with a "20% of work for 20% of the cost" model. Again, how you distribute that 20% remains to be seen (20% new unemployment, or new 0% unemployment with "tools".
I formalized my thoughts here: https://jodavaho.io/posts/ai-jobpocolypse.html
It's also understated, because the real value of AI is not in replacing work, but making new products possible either because it's finally cheap enough to make them, or because -- AI.
Given the state of AI (LLMs) - they still need a very human (skilled driver) to operate
Potable water is far more important than AI or iPads ever will be, but the world's most valuable water company only does about 5B/year in revenue: https://en.wikipedia.org/wiki/American_Water_Works
Frequently seen as a big fun number in pitch decks. "The TAM for our new Coca-Cola killer is $1.6T: all humans who imbibe liquids on a regular basis. You simply MUST invest."
> Rate the occupation's overall AI Exposure on a scale from 0 to 10.
Are LLMs good at scoring? In my experience, using an LLM for scoring things usually produces arbitrary results. I'm surprised to see Karpathy employ it