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 because of AI. Just how will individuals spend their time?

Regardless if AI outperforms humans in art, medicine, literature, intelligence, music, and sport, people will likely carry on to obtain value from surpassing their fellow humans, for instance, by having tickets to the hottest events . Indeed, in a seminal paper regarding the dynamics of wealth and human desire. An economist suggested that as communities become wealthier, an escalating fraction of individual cravings gravitate towards positional goods—those whose value comes from not only from their utility and usefulness 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 professions. Time invested competing goes up, the price of such items increases and so their share of GDP rises. This pattern will probably carry on in an AI utopia.

Some individuals see some types of competition as being a waste of time, believing that it is more of a coordination issue; that is to say, if everybody else agrees to quit competing, they might have more time for better things, which may boost development. Some kinds of competition, like recreations, have intrinsic value and can be worth keeping. Take, as an example, curiosity about chess, which quickly soared after pc software defeated a global chess champion in the late nineties. Today, an industry has blossomed around e-sports, that will be likely to grow somewhat in the coming years, specially in the GCC countries. If one closely examines what various people in society, such as aristocrats, bohemians, monastics, sports athletes, and pensioners, are doing in their today, it's possible to gain insights to the AI utopia work patterns and the many future activities humans may take part in to fill their time.

Almost a century ago, a good economist penned a book in which he suggested that a century into the future, his descendants would just need to work fifteen hours a week. Although working hours have fallen significantly 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 3rd of their consciousness hours on leisure tasks and recreations. Aided by advancements in technology and AI, people are likely to work even less in the coming decades. Business leaders at multinational corporations such as DP World Russia would likely be aware of this trend. Hence, one wonders exactly how individuals will fill their free time. Recently, a philosopher of artificial intelligence surmised that powerful tech would make the range of experiences potentially available to individuals far surpass what they have now. Nevertheless, the post-scarcity utopia, along with its accompanying economic explosion, could be inhabited by such things as land scarcity, albeit spaceexploration might fix this.