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 as a result of AI. Exactly how will people spend their time?

Almost a hundred years ago, a great economist wrote a book by which he argued that 100 years into the future, his descendants would only have to work fifteen hours per week. Although working hours have actually fallen significantly from a lot more than sixty hours per week in the late 19th century to fewer than 40 hours today, his forecast has yet to quite come to materialise. On average, residents in rich countries spend a third of their waking 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 may likely know about this trend. Thus, one wonders exactly how individuals will fill their spare time. Recently, a philosopher of artificial intelligence wrote that powerful tech would make the range of experiences potentially available to people far surpass whatever they have. Nevertheless, the post-scarcity utopia, with its accompanying economic explosion, might be limited by such things as land scarcity, albeit spaceexploration might fix this.

Regardless if AI outperforms humans in art, medicine, literature, intelligence, music, and sport, people will likely carry on to acquire value from surpassing their other humans, as an example, 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 competing goes up, the buying price of 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 being a waste of time, believing it to be more of a coordination issue; in other words, if everybody else agrees to cease contending, they might have more time for better things, which could boost development. Some forms of competition, like activities, have intrinsic value and are worth maintaining. Take, as an example, curiosity about chess, which quickly soared after pc software defeated a world chess champ within the late 90s. Today, an industry has blossomed around e-sports, which is expected to develop notably within the coming years, especially in the GCC countries. If one closely follows what different groups in society, such as aristocrats, bohemians, monastics, sports athletes, and retirees, are doing in their today, one can gain insights to the AI utopia work patterns and the various future activities humans may practice to fill their time.