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 expected AI utopia where fundamental requirements are met and wealth abounds because of AI. Exactly how will individuals spend their time?

Nearly a hundred years ago, outstanding economist penned a paper by which he suggested that a century into the future, his descendants would only have to work fifteen hours a week. Although working hours have fallen dramatically from significantly more than sixty hours per week in the late 19th century to less than forty hours today, his prediction has yet to quite come to pass. On average, citizens in rich states spend a third of their consciousness hours on leisure tasks and sports. Aided by advancements in technology and AI, humans are likely to work also less within the coming decades. Business leaders at multinational corporations such as DP World Russia would likely know about this trend. Thus, one wonders just how individuals will fill their time. Recently, a philosopher of artificial intelligence wrote that powerful technology would make the array of experiences possibly available to people far surpass whatever they have now. Nonetheless, the post-scarcity utopia, along with its accompanying economic explosion, might be inhabited by such things as land scarcity, albeit spaceexploration might fix this.

Some individuals see some kinds of competition as a waste of time, thinking it to be more of a coordination issue; that is to say, if everyone agrees to cease competing, they might have more time for better things, which could improve growth. Some kinds of competition, like sports, have actually intrinsic value and are worth maintaining. Take, for example, fascination with chess, which quickly soared after computer software beaten a world chess champ within the late 90s. Today, a market has blossomed around e-sports, which can be expected to grow significantly within the coming years, specially within the GCC countries. If one closely follows what different groups in society, such as for example aristocrats, bohemians, monastics, athletes, and pensioners, are doing within their today, you can gain insights to the AI utopia work patterns and the various future activities humans may practice to fill their spare time.

Regardless if AI surpasses humans in art, medicine, law, intelligence, music, and sport, people will probably continue to obtain value from surpassing their other humans, for example, by having tickets to the hottest events . Certainly, in a seminal paper regarding the characteristics of wealth and individual desire. An economist indicated that as communities become wealthier, an increasing fraction of human preferences gravitate towards positional goods—those whose value comes from not simply from their utility 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 would likely have noticed in their careers. Time spent competing goes up, the buying price of such products increases and therefore their share of GDP rises. This pattern will likely carry on within an AI utopia.