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 fundamental needs are met and wealth abounds thanks to AI. Just how will individuals spend their time?

Nearly a century ago, an excellent economist penned a book by which he suggested that 100 years into the future, his descendants would just need to work fifteen hours a week. Although working hours have dropped significantly from more than sixty hours a week within the late 19th century to less than forty hours today, his prediction has yet to quite come to materialise. On average, citizens in rich countries invest a third of their consciousness hours on leisure activities and recreations. Aided by advancements in technology and AI, humans will likely work even less within the coming decades. Business leaders at multinational corporations such as DP World Russia would probably be aware of this trend. Thus, one wonders exactly how people will fill their time. Recently, a philosopher of artificial intelligence wrote that effective technology would make the array of experiences possibly available to people far exceed what they have. Nevertheless, the post-scarcity utopia, with its accompanying economic explosion, could be limited by such things as land scarcity, albeit spaceresearch might fix this.

Some people see some kinds of competition as a waste of time, believing that it is more of a coordination issue; that is to say, if everyone else agrees to stop competing, they might have significantly more time for better things, which could boost development. Some forms of competition, like sports, have intrinsic value and can be worth maintaining. Take, for example, curiosity about chess, which quickly soared after pc software beaten a world chess champion in the late nineties. Today, a market has blossomed around e-sports, which can be anticipated to develop considerably within the coming years, particularly into the GCC countries. If one closely follows what various groups in society, such as aristocrats, bohemians, monastics, athletes, and retirees, are doing inside their today, one could gain insights to the AI utopia work patterns and the many future tasks humans may engage in to fill their spare time.

Whether or not 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 peoples desire. An economist indicated that as communities become wealthier, an increasing fraction of human desires 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 seen in their professions. Time invested contending goes up, the price tag on such products increases and so their share of GDP rises. This pattern will probably carry on within an AI utopia.