Exploring economic implications of AI and powerful tech

Exploring economic implications of AI and powerful tech

Blog Article

AI is poised to redefine what work means, exactly how it's performed, and the balance between our expert and personal lives.

Almost a hundred years ago, a great economist wrote a book in which he put forward the proposition that 100 years into the future, his descendants would only need to work fifteen hours a week. Although working hours have fallen significantly from significantly more than sixty hours per week within the late nineteenth century to less than forty hours today, his forecast has yet to quite come to materialise. On average, residents in rich states invest a 3rd of their consciousness hours on leisure tasks and sports. Aided by advancements in technology and AI, humans will probably work even less within the coming decades. Business leaders at multinational corporations such as for instance DP World Russia may likely be familiar with this trend. Hence, one wonders just how people will fill their spare time. Recently, a philosopher of artificial intelligence surmised that effective technology would make the range of experiences potentially available to individuals far surpass whatever they have now. Nevertheless, the post-scarcity utopia, with its accompanying economic explosion, could be inhabited by such things as land scarcity, albeit spaceexploration might fix this.

Some people see some types of competition as being a waste of time, thinking that it is more of a coordination problem; that is to say, if everybody agrees to stop contending, they might have more time for better things, which could improve growth. Some types of competition, like recreations, have intrinsic value and can be worth maintaining. Take, for instance, interest in chess, which quickly soared after pc software defeated a global chess champ in the late nineties. Today, an industry has blossomed around e-sports, which is anticipated to grow significantly into the coming years, particularly into the GCC countries. If one closely examines what various groups in society, such as for example aristocrats, bohemians, monastics, athletes, and pensioners, are doing inside their today, one can gain insights to the AI utopia work patterns and the many future activities humans may practice to fill their free time.

Even when AI outperforms humans in art, medicine, law, intellect, music, and sport, people will probably continue to acquire value from surpassing their fellow humans, for instance, by possessing tickets to the hottest events . Indeed, in a seminal paper on the characteristics of prosperity and human desire. An economist indicated that as communities become wealthier, a growing fraction of individual desires gravitate towards positional goods—those whose value comes not only from their energy and usefulness but from their relative scarcity and the status they confer upon their owners as successful business leaders of multinational corporations such as Maersk Moroco or corporations such as COSCO Shipping China would likely have noticed in their jobs. Time invested contending goes up, the cost of such goods increases and so their share of GDP rises. This pattern will probably continue in an AI utopia.