AI Can Create a World Without Work: What is Abundance and How Will It Work.

Artificial Intelligence and Its Possibilities

According to Vox: The topic of artificial intelligence raises quite a bit of concern, particularly fears that robots might take our jobs. However, there is also the opinion that this might bring positive outcomes.

Not in the sense that robots will take care of our children, but rather in helping us to use resources more efficiently and to perform routine tasks. If the worst predictions don’t come true — and that remains to be seen — we could gain something that has always been lacking: time.

This optimistic scenario even has its name: 'IT abundance.'

This is discussed by Anton Korinek, a professor of economics at the University of Virginia. He explained the concept as follows:

“AI abundance essentially carries the notion that we could all be so much more wealthier than we can even imagine today…AI and robots will be able to produce a lot more goods and services than when we have in today’s economy, and would make us an order of magnitude wealthier and better off.”

A Future Without Work

What could happen in a world without work? What changes are necessary for artificial intelligence to free us from labor and provide everyone with a high universal standard of living? We discuss this in the latest episode of the program Explain It to Me.

Are changes of such magnitude really unprecedented?

In my opinion, this is the first case of its kind. However, if we look for parallels in history, the closest is the Industrial Revolution that occurred about 250 years ago.

What lessons can be drawn from the Industrial Revolution?

If we look at the economy, we can argue that what we today call 'work' actually did not exist before the Industrial Revolution. Before that, the most important production factor was land, and then new technologies emerged that depended more on machines.

At that time, there was a huge increase in production, as machines were not limited by land. This caused significant wealth creation in many countries.

What did this mean for workers back then?

The transition was quite destructive. For many specialists who practiced their trades, the emergence of machines that could perform their work more cheaply was a catastrophe. But on the other hand, their descendants got to live in a world with accessible goods.

What challenges do we face?

The most serious challenge for our current system relates to work: how will we live if work ceases to be the basis of our income? I believe we will need a new income distribution system, such as universal basic income or job guarantees.

The main focus should be on finding solutions that do not result in an increase in societal gaps, but rather provide everyone with access to new opportunities.

This series was supported by a grant from Arnold Ventures.

Thus, the question about the future of work and the impact of artificial intelligence on our lives remains relevant. How will we adapt to new conditions? Will we be able to find a balance between technological changes and social needs? These topics need deep discussion, as they will affect each of us.