What is the economic implications of AI and powerful technology

What is the 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?

Almost a hundred years ago, a great economist penned a book by which he put forward the proposition that 100 years into the future, his descendants would only need to work fifteen hours a week. Although working hours have actually fallen considerably 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 wealthy states spend a 3rd of their consciousness hours on leisure activities and recreations. Aided by advancements in technology and AI, humans are likely to work even less into the coming decades. Business leaders at multinational corporations such as for instance DP World Russia would probably be aware of this trend. Thus, one wonders exactly how people will fill their free time. Recently, a philosopher of artificial intelligence surmised that effective tech would make the array of experiences possibly available to people far exceed what they have. Nonetheless, the post-scarcity utopia, along with its accompanying economic explosion, could be limited by such things as land scarcity, albeit spaceresearch might fix this.

Even though AI outperforms humans in art, medicine, literature, intelligence, music, and sport, people will probably continue to derive value from surpassing their fellow humans, for instance, by possessing tickets to the hottest events . Certainly, 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 usefulness 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 noticed in their jobs. Time spent competing goes up, the price of such items increases and therefore their share of GDP rises. This pattern will likely continue in an AI utopia.

Some individuals see some types of competition as a waste of time, thinking that it is more of a coordination problem; that is to say, if everybody agrees to stop contending, they might have more time for better things, which could improve growth. Some types of competition, like recreations, have intrinsic value and can be worth maintaining. Take, for instance, interest in chess, which quickly soared after pc software beaten a world chess champ in the late nineties. Today, a business has blossomed around e-sports, which can be expected to develop dramatically in the coming years, specially in 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 can gain insights to the AI utopia work patterns and the many future activities humans may participate in to fill their time.