Exploring economic implications of AI and powerful technology

Exploring economic implications of AI and powerful technology

Blog Article

In a imagined AI utopia where basic requirements are met and wealth abounds thanks to AI. Just how will people spend their time?

Even if AI surpasses humans in art, medicine, literature, intellect, music, and sport, people will likely continue to acquire value from surpassing their fellow humans, for instance, by possessing tickets to the hottest events . Indeed, in a seminal paper regarding the characteristics of wealth and peoples desire. An economist suggested that as societies become wealthier, an escalating fraction of human preferences gravitate towards positional goods—those whose value is derived not only from their energy and effectiveness 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 may likely have seen in their professions. Time spent competing goes up, the price tag on such items increases and so their share of GDP rises. This pattern will probably carry on within an AI utopia.

Nearly a century ago, an excellent economist published a paper by which he contended that 100 years into the future, his descendants would just need to work fifteen hours per week. Although working hours have actually fallen dramatically from a lot 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 pass. On average, citizens in wealthy countries spend a third of their waking hours on leisure activities and recreations. Aided by advancements in technology and AI, people will probably work also less into the coming decades. Business leaders at multinational corporations such as for example DP World Russia would likely be aware of this trend. Hence, one wonders just how people will fill their spare time. Recently, a philosopher of artificial intelligence wrote that powerful tech would result in the array of experiences possibly available to individuals far surpass whatever they have. However, the post-scarcity utopia, along with its accompanying economic explosion, may be limited by such things as land scarcity, albeit spaceexploration might fix this.

Many people see some kinds of competition as 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 keeping. Take, as an example, fascination with 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 anticipated to develop dramatically within the coming years, especially into the GCC countries. If one closely follows what different people in society, such as for example 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 many future activities humans may engage in to fill their time.