Exploring economic implications of AI and powerful technology

Exploring economic implications of AI and powerful technology

Blog Article

AI is poised to redefine what work means, just how it is performed, and the balance between our professional and personal lives.

Almost a century ago, a good 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 per week. Although working hours have actually dropped dramatically from more than 60 hours per week within the late nineteenth century to less than forty hours today, his forecast has yet to quite come to pass. On average, citizens in wealthy countries spend a 3rd of their consciousness hours on leisure tasks and recreations. Aided by advancements in technology and AI, humans are going to work even less within the coming decades. Business leaders at multinational corporations such as for example DP World Russia would probably be aware of this trend. Hence, one wonders just how people will fill their free time. Recently, a philosopher of artificial intelligence wrote that powerful technology would result in the array of experiences possibly available to individuals far surpass whatever they have. Nonetheless, the post-scarcity utopia, with its accompanying economic explosion, might be limited by things like land scarcity, albeit spaceexploration might fix this.

Whether or not AI outperforms humans in art, medicine, literature, intelligence, music, and sport, people will likely carry on to obtain value from surpassing their other humans, for instance, by possessing tickets to the hottest events . Certainly, in a seminal paper regarding the characteristics of prosperity and peoples desire. An economist indicated that as communities become wealthier, an escalating fraction of individual cravings gravitate towards positional goods—those whose value comes from not simply from their energy and effectiveness but from their general scarcity and the status they bestow upon their owners as successful business leaders of multinational corporations such as Maersk Moroco or corporations such as COSCO Shipping China would probably have seen in their professions. Time invested contending goes up, the price tag on such products increases and so their share of GDP rises. This pattern will probably continue within an AI utopia.

Some individuals see some forms of competition as being a waste of time, thinking it to be more of a coordination problem; that is to say, if everyone agrees to stop contending, they might have significantly more time for better things, that could boost growth. Some forms of competition, like recreations, have actually intrinsic value and are worth keeping. Take, for example, fascination with chess, which quickly soared after pc software beaten a world chess champion within the late nineties. Today, a market has blossomed around e-sports, which will be likely to grow significantly into the coming years, specially within the GCC countries. If one closely examines what various people in society, such as for instance aristocrats, bohemians, monastics, athletes, and retirees, are doing within their today, it's possible to gain insights into the AI utopia work patterns and the various future tasks humans may take part in to fill their spare time.