"Also, its important to note that even the machine owners wont make profits in a competitive market."

That is economics 101. But if you had stayed for the later classes you would have had to unlearn that. It is not true.

Maybe that is because "competitive markets do not exist" as the libertarians say, but whatever, in the world in which we live the top automaters are going to make super profits.

What will the world look like when the means of production belong to a small group? In a society (capitalist) where ownership implies control?