Automation and its downsides.
“In competitive markets, an automating firm captures the full cost savings from replacing workers but bears only a fraction of the resulting demand destruction. In a market with twenty competitors, each firm feels one-twentieth of the demand it destroys. The rest falls on rivals. This creates a prisoners’ dilemma: every firm rationally automates beyond the socially optimal level, because the individual incentive to cut labor costs always outweighs the diffuse, shared consequence of eliminating consumer spending. Better AI makes this worse. Improved productivity widens the profit gap from automating faster than your competitors, intensifying the arms race toward collective ruin.”