What is the economic implications of AI and powerful tech

What is the economic implications of AI and powerful tech

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

Nearly a hundred years ago, outstanding economist wrote a book in 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 fallen 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 wealthy countries spend a third of their waking hours on leisure activities and sports. Aided by advancements in technology and AI, humans are going to work even less within the coming decades. Business leaders at multinational corporations such as for instance DP World Russia may likely 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 surpass what they have now. Nevertheless, the post-scarcity utopia, with its accompanying economic explosion, might be inhabited by things such as land scarcity, albeit spaceresearch might fix this.

Some people see some types of competition as a waste of time, believing it to be more of a coordination problem; that is to say, if everybody agrees to avoid competing, they would have more time for better things, that could boost growth. Some types of competition, like sports, have intrinsic value and are worth keeping. Take, for example, interest in chess, which quickly soared after pc software beaten a global chess champ within the late 90s. Today, a business has blossomed around e-sports, which can be likely to grow considerably in the coming years, especially into the GCC countries. If one closely follows what various people in society, such as for instance aristocrats, bohemians, monastics, athletes, and retirees, are doing within their today, one could gain insights to the AI utopia work patterns and the various future activities humans may engage in to fill their time.

Even if AI outperforms humans in art, medicine, literature, intellect, music, and sport, humans will likely carry on to obtain value from surpassing their fellow humans, as an example, by possessing tickets to the hottest events . Indeed, in a seminal paper on the characteristics of prosperity and individual desire. An economist suggested that as communities become wealthier, an ever-increasing fraction of human desires gravitate towards positional goods—those whose value comes from not only 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 competing goes up, the buying price of such products increases and so their share of GDP rises. This pattern will probably continue in an AI utopia.