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 as a result of AI. Exactly how will people 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, as an example, by possessing tickets to the hottest events . Certainly, in a seminal paper on the dynamics of wealth and individual desire. An economist indicated that as communities become wealthier, an escalating fraction of human wishes 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 may likely have noticed in their jobs. Time invested contending goes up, the cost of such items increases and therefore their share of GDP rises. This pattern will likely continue in an AI utopia.

Almost a century ago, an excellent economist published a book in which he asserted that a century into the future, his descendants would just need to work fifteen hours per week. Although working hours have actually dropped considerably from significantly more than sixty hours per week within the late nineteenth century to less than forty hours today, his forecast has yet to quite come to materialise. 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 likely to work even less in the coming decades. Business leaders at multinational corporations such as DP World Russia would likely know about this trend. Thus, one wonders exactly how individuals will fill their time. Recently, a philosopher of artificial intelligence surmised that powerful tech would make the range of experiences potentially available to individuals far surpass whatever they have. However, the post-scarcity utopia, with its accompanying economic explosion, might be limited by things like land scarcity, albeit spaceresearch might fix this.

Some individuals see some kinds of competition being a waste of time, believing it to be more of a coordination problem; 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, as an example, curiosity about chess, which quickly soared after computer software defeated a global chess champ in the late 90s. Today, an industry has blossomed around e-sports, that will be anticipated to develop considerably in the coming years, specially into 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 take part in to fill their spare time.