What is the economic implications of AI and powerful tech

What is the economic implications of AI and powerful tech

Blog Article

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

Even if AI surpasses humans in art, medicine, literature, intelligence, music, and sport, people will probably continue to obtain value from surpassing their other humans, as an example, by having tickets to the hottest events . Indeed, in a seminal paper regarding the characteristics of prosperity and human desire. An economist suggested that as societies become wealthier, an ever-increasing fraction of individual cravings gravitate towards positional goods—those whose value is derived not merely from their utility 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 likely have noticed in their jobs. Time spent contending goes up, the price tag on such items increases and therefore their share of GDP rises. This pattern will likely continue in an AI utopia.

Almost a century ago, an excellent economist published a paper by which he suggested that a century into the future, his descendants would just need to work fifteen hours per week. Although working hours have actually dropped dramatically from more than 60 hours a week in the late 19th century to fewer than 40 hours today, his prediction has yet to quite come to pass. On average, citizens in rich states invest a 3rd of their consciousness hours on leisure tasks and recreations. Aided by advancements in technology and AI, people will likely work even less in the coming decades. Business leaders at multinational corporations such as DP World Russia would likely be aware of this trend. Hence, one wonders just how individuals will fill their time. Recently, a philosopher of artificial intelligence surmised that effective technology would result in the range of experiences potentially available to people far exceed what they have. Nonetheless, the post-scarcity utopia, along with its accompanying economic explosion, could be inhabited by such things as land scarcity, albeit spaceresearch might fix this.

Many people see some types of competition as a waste of time, believing that it is more of a coordination issue; in other words, if everyone else agrees to quit competing, they would have more time for better things, which could 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 computer software defeated a global 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 groups in society, such as aristocrats, bohemians, monastics, sports athletes, and pensioners, are doing inside their today, you can gain insights to the AI utopia work patterns and the many future activities humans may engage in to fill their time.