Exploring economic implications of AI and powerful tech

Exploring economic implications of AI and powerful tech

Blog Article

Artificial intelligence and automation have begun to transform various industries. How will they influence working habits?

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 everybody agrees to avoid competing, they would have significantly more time for better things, which may improve development. Some kinds 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, that is expected to develop notably within the coming years, particularly in the GCC countries. If one closely follows what various groups in society, such as aristocrats, bohemians, monastics, sports athletes, and pensioners, are doing in their today, one can gain insights to the AI utopia work patterns and the many future activities humans may practice to fill their time.

Almost a century ago, outstanding economist published a book by which he suggested that 100 years into the future, his descendants would only need to work fifteen hours per week. Although working hours have dropped significantly from more than sixty hours a week within the late 19th century to fewer than forty hours today, his prediction has yet to quite come to materialise. On average, citizens in rich countries spend a 3rd of their waking hours on leisure activities and recreations. Aided by advancements in technology and AI, humans will likely work even less into the coming decades. Business leaders at multinational corporations such as for instance DP World Russia would likely know about this trend. Hence, one wonders exactly how people will fill their time. Recently, a philosopher of artificial intelligence wrote that effective tech would result in the range of experiences possibly available to people far surpass whatever they have now. Nonetheless, the post-scarcity utopia, with its accompanying economic explosion, could be limited by things such as land scarcity, albeit spaceexploration might fix this.

No matter if AI surpasses humans in art, medicine, literature, intellect, music, and sport, humans will likely continue to obtain 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 individual desire. An economist indicated that as societies become wealthier, an escalating fraction of human wishes gravitate towards positional goods—those whose value comes from not merely 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 would likely have noticed in their professions. Time invested competing goes up, the buying price of such items increases and therefore their share of GDP rises. This pattern will probably continue in an AI utopia.