Understanding the effect of AI on working hours in near future

Understanding the effect of AI on working hours in near future

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In a imagined AI utopia where fundamental requirements are met and wealth abounds thanks to AI. Just how will individuals spend their time?

Some people see some forms of competition being a waste of time, believing that it is more of a coordination problem; in other words, if every person agrees to stop contending, they would have significantly more time for better things, that could improve growth. Some forms of competition, like activities, have intrinsic value and can be worth keeping. Take, for instance, desire for chess, which quickly soared after pc software defeated a global chess champion within the late 90s. Today, a market has blossomed around e-sports, that is anticipated to grow somewhat within the coming years, especially within the GCC countries. If one closely follows what different people in society, such as aristocrats, bohemians, monastics, sports athletes, and retirees, are doing within their today, one can gain insights to the AI utopia work patterns and the various future activities humans may practice to fill their free time.

Even if AI surpasses humans in art, medicine, literature, intellect, music, and sport, people will probably continue to acquire value from surpassing their fellow humans, for instance, by possessing tickets to the hottest events . Indeed, in a seminal paper regarding the dynamics of wealth and peoples desire. An economist suggested that as communities become wealthier, an increasing fraction of human cravings gravitate towards positional goods—those whose value is derived not only from their energy and usefulness but from their relative 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 seen in their careers. Time invested contending goes up, the price of such products increases and therefore their share of GDP rises. This pattern will probably continue within an AI utopia.

Nearly a century ago, a fantastic economist penned a book in which he suggested that a century into the future, his descendants would only need to work fifteen hours a week. Although working hours have actually dropped dramatically from a lot more than sixty hours per week in the late 19th century to fewer than forty hours today, his forecast has yet to quite come to pass. On average, citizens in wealthy states invest a 3rd of their waking hours on leisure activities and sports. Aided by advancements in technology and AI, people will likely work even less in the coming decades. Business leaders at multinational corporations such as for instance DP World Russia would probably be aware of this trend. Hence, one wonders just how people will fill their free time. Recently, a philosopher of artificial intelligence surmised that effective technology would make the range of experiences potentially available to individuals far surpass whatever they have. Nevertheless, the post-scarcity utopia, with its accompanying economic explosion, might be limited by such things as land scarcity, albeit spaceresearch might fix this.