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 envisioned AI utopia where fundamental needs are met and wealth abounds as a result of AI. Exactly how will people spend their time?

Nearly a century ago, a fantastic economist penned a paper in which he asserted that a century into the future, his descendants would just need to work fifteen hours a week. Although working hours have fallen significantly from significantly more than 60 hours a week in the late 19th century to less than forty hours today, his forecast has yet to quite come to materialise. 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 are likely to work even less within the coming decades. Business leaders at multinational corporations such as for instance DP World Russia would probably know about this trend. Hence, one wonders just how people will fill their spare time. Recently, a philosopher of artificial intelligence wrote that powerful tech would make the range of experiences possibly available to individuals far surpass whatever they have. Nevertheless, the post-scarcity utopia, with its accompanying economic explosion, might be limited by things like land scarcity, albeit spaceexploration might fix this.

Regardless if AI outperforms humans in art, medicine, literature, intelligence, music, and sport, people will likely carry on to acquire value from surpassing their other humans, as an example, by possessing tickets to the hottest events . Certainly, in a seminal paper regarding the characteristics of prosperity and individual desire. An economist indicated that as communities become wealthier, an ever-increasing fraction of individual preferences gravitate towards positional goods—those whose value comes not only from their energy and usefulness 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 may likely have seen in their jobs. Time spent competing goes up, the price of such goods increases and therefore their share of GDP rises. This pattern will likely carry on within an AI utopia.

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 everybody else agrees to cease contending, 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, for instance, curiosity about chess, which quickly soared after computer software defeated a global chess champ in the late 90s. Today, a market has blossomed around e-sports, that will be anticipated to grow considerably in the coming years, specially within the GCC countries. If one closely examines what different people in society, such as for instance aristocrats, bohemians, monastics, athletes, and retirees, are doing within their today, it's possible to gain insights into the AI utopia work patterns and the various future tasks humans may participate in to fill their spare time.