The wisdom of Garett Jones

Two cases for capital share going to zero in a strong AGI world: 1. Capital and labor are more like perfect complements than perfect substitutes, always will be as long as the economy is for humans, and so astronomical increases in capital shrink the capital share to zero.

Why capital share goes to zero in a strong AGI world: 2. Capital & labor are more like perfect substitutes than complements because AGI de facto replicates free humans. Astronomical increases in capital make capital so abundant it’s unpriced like air, so capital share is zero.

The link has a bit more.  Of course this is a thought experiment and a reductio, not a prediction.  (It seems people in the rationalist community systematically misunderstand how economists communicate?  Maybe that is partly the fault of the economists, but they should not so dogmatically believe that the economists are wrong.)  And here are very good comments from Basil Halperin.

The bottom line is that it is premature, to say the least, to expect that the share of labor falls to zero or near-zero.