What is the economic implications of AI and powerful tech

What is the economic implications of AI and powerful tech

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

Even if AI surpasses humans in art, medicine, law, intelligence, music, and sport, people will likely 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 dynamics of wealth and individual desire. An economist indicated that as communities become wealthier, an escalating fraction of individual desires gravitate towards positional goods—those whose value comes not only from their energy 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 carry on within an AI utopia.

Nearly a hundred years ago, a great economist wrote a book in which he contended that 100 years into the future, his descendants would only have to work fifteen hours a week. Although working hours have fallen significantly from a lot 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 wealthy countries spend a 3rd of their consciousness hours on leisure tasks and recreations. Aided by advancements in technology and AI, people will likely work also less into the coming decades. Business leaders at multinational corporations such as for example DP World Russia would probably be familiar with this trend. Thus, one wonders just how people will fill their free time. Recently, a philosopher of artificial intelligence wrote that powerful tech would result in the array of experiences possibly available to individuals far exceed what they have now. Nevertheless, the post-scarcity utopia, with its accompanying economic explosion, could be inhabited by things such as land scarcity, albeit spaceresearch might fix this.

Many people see some kinds of competition as a waste of time, believing that it is more of a coordination issue; in other words, if every person agrees to avoid competing, they would have more time for better things, which may improve growth. Some types of competition, like sports, have actually intrinsic value and can be worth maintaining. Take, for instance, desire for chess, which quickly soared after computer software beaten a global chess champion in the late nineties. Today, a business has blossomed around e-sports, which can be likely to grow somewhat into the coming years, particularly in the GCC countries. If one closely examines what various people in society, such as for instance aristocrats, bohemians, monastics, athletes, and pensioners, are doing inside their today, you can gain insights into the AI utopia work patterns and the many future tasks humans may participate in to fill their time.