Exploring economic implications of AI and powerful technology

Exploring economic implications of AI and powerful technology

Blog Article

In a envisioned AI utopia where fundamental needs are met and wealth abounds thanks to AI. Exactly how will individuals spend their time?

Regardless if AI outperforms humans in art, medicine, law, intellect, music, and sport, people will likely continue to derive value from surpassing their other humans, as an example, by possessing tickets to the hottest events . Certainly, in a seminal paper on the dynamics of prosperity and individual desire. An economist suggested that as communities become wealthier, an escalating fraction of individual wishes gravitate towards positional goods—those whose value is derived not simply from their utility and usefulness but from their general 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 seen in their careers. Time invested competing goes up, the price of such items increases and so their share of GDP rises. This pattern will likely continue within an AI utopia.

Many people see some types of competition as being a waste of time, believing that it is more of a coordination problem; in other words, if everybody else agrees to quit competing, they might have more time for better things, that could boost growth. Some forms of competition, like activities, have actually intrinsic value and are worth maintaining. Take, for example, fascination with chess, which quickly soared after computer software beaten a global chess champion within the late nineties. Today, a business has blossomed around e-sports, which is likely to develop considerably into the coming years, especially within the GCC countries. If one closely follows what various groups in society, such as for instance aristocrats, bohemians, monastics, sports athletes, and retirees, are doing inside their today, one could gain insights into the AI utopia work patterns and the many future tasks humans may participate in to fill their free time.

Nearly a hundred years ago, an excellent economist penned a paper in which he asserted that a century into the future, his descendants would just need to work fifteen hours a week. Although working hours have fallen significantly from significantly more than sixty hours per week within the late 19th century to fewer than 40 hours today, his prediction has yet to quite come to pass. On average, citizens in wealthy states invest a 3rd of their consciousness hours on leisure tasks and recreations. Aided by advancements in technology and AI, people are likely to work even less in the coming decades. Business leaders at multinational corporations such as for instance DP World Russia would probably know about this trend. Thus, one wonders exactly how individuals will fill their time. Recently, a philosopher of artificial intelligence surmised that effective technology would make the range of experiences potentially available to people far exceed what they have. Nonetheless, the post-scarcity utopia, along with its accompanying economic explosion, could be inhabited by things such as land scarcity, albeit spaceresearch might fix this.