Alex Imas at Ghosts of Electricity:
Economics is the study of decision-making under constraints, i.e., scarcity. If advanced AI brings material abundance—if machines can produce many if not all forms of human production at very low marginal cost—does economics become irrelevant? No, we will still have scarcity, but the kind of scarcity that matters will change. Ultimately the answer to any question about the future economics of advanced AI begins with identifying what becomes scarce. After answering that question, the rest of the analysis is pretty straightforward. In this essay I’m going to explore what becomes scarce when automation can replicate many if not all human production, and what that may mean for the types of jobs that emerge.
More here.
Enjoying the content on 3QD? Help keep us going by donating now.