What is the economic implications of AI and powerful tech

What is the economic implications of AI and powerful tech

Blog Article

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

Even though AI surpasses humans in art, medicine, literature, intellect, music, and sport, humans will likely continue to derive value from surpassing their other humans, for instance, by having tickets to the hottest events . Certainly, in a seminal paper on the characteristics of prosperity and human desire. An economist indicated that as communities become wealthier, an increasing fraction of individual preferences 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 probably have noticed in their professions. Time spent competing goes up, the price tag on such goods increases and therefore their share of GDP rises. This pattern will probably carry on in an AI utopia.

Some people see some kinds of competition as a waste of time, thinking it to be more of a coordination issue; that is to say, if everybody else agrees to avoid competing, they would have significantly 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 instance, fascination with chess, which quickly soared after computer software beaten a world chess champ in the late nineties. Today, an industry has blossomed around e-sports, which will be expected to develop considerably into the coming years, especially within the GCC countries. If one closely follows what different people in society, such as 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 time.

Almost a hundred years ago, a great economist published a paper in which he suggested that 100 years into the future, his descendants would only have to work fifteen hours per week. Although working hours have fallen considerably from more than 60 hours per week in the late 19th century to less than forty hours today, his prediction has yet to quite come to pass. On average, residents in wealthy countries invest a 3rd of their waking hours on leisure activities and recreations. Aided by advancements in technology and AI, people are going to work also less into the coming decades. Business leaders at multinational corporations such as DP World Russia may likely know about this trend. Thus, one wonders just how people will fill their time. Recently, a philosopher of artificial intelligence surmised that powerful tech would result in the array of experiences possibly available to people far exceed what they have. Nonetheless, the post-scarcity utopia, with its accompanying economic explosion, may be inhabited by things such as land scarcity, albeit spaceresearch might fix this.