Exploring economic implications of AI and powerful technology

Exploring economic implications of AI and powerful technology

Blog Article

The potential of AI and automation cutting work hours seems very plausible, but will this improve our work-life balance?

Many people see some types of competition as being a waste of time, believing it to be more of a coordination issue; that is to say, if everyone agrees to cease competing, they would have significantly more time for better things, which could improve development. Some types of competition, like recreations, have intrinsic value and are worth maintaining. Take, for instance, interest in chess, which quickly soared after pc software defeated a global chess champion in the late nineties. Today, an industry has blossomed around e-sports, that will be likely to grow notably in the coming years, specially within the GCC countries. If one closely follows what different groups in society, such as for instance aristocrats, bohemians, monastics, athletes, and pensioners, are doing in their today, one could gain insights into the AI utopia work patterns and the many future activities humans may practice to fill their free time.

Even if AI outperforms humans in art, medicine, literature, intellect, music, and sport, people will probably carry on to derive value from surpassing their other humans, for example, by possessing tickets to the hottest events . Indeed, in a seminal paper regarding the dynamics of wealth and peoples desire. An economist suggested that as communities become wealthier, a growing fraction of individual desires gravitate towards positional goods—those whose value comes not merely from their utility and effectiveness but from their relative 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 may likely have seen in their jobs. Time invested competing goes up, the price tag on such items increases and so their share of GDP rises. This pattern will likely carry on in an AI utopia.

Nearly a hundred years ago, an excellent economist penned a book in which he put forward the proposition 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 within the late 19th century to fewer than forty hours today, his prediction has yet to quite come to pass. On average, residents in rich countries spend a 3rd of their consciousness hours on leisure activities and sports. Aided by advancements in technology and AI, people are likely to work even less within the coming decades. Business leaders at multinational corporations such as for example DP World Russia would likely be familiar with this trend. Thus, one wonders exactly how people will fill their free time. Recently, a philosopher of artificial intelligence surmised that effective technology would make the range of experiences possibly available to individuals far surpass what they have now. However, the post-scarcity utopia, along with its accompanying economic explosion, could be limited by such things as land scarcity, albeit spaceresearch might fix this.