T981g - Post AGI Economics

Post AGI Economics

Zeb Bhatti

(Ser# T981g - Post AGI Economy)

This is a two Part series on the future of Jobs when AI starts dominating the Economy. The topic is 'Post-AGI Economics'; What will happen to the Job market and the economy when Artificial General Intelligence (AGI) arrives and starts dominating the workplace.

To do proper justice to this very crucial and very complex topic, I am presenting this article (and accompanying Videos) in two parts.

The first part discusses the traditional human-labor categories and energy utilization in the past centuries, including the three Industrial Revolutions. In this session we will also go over the various characteristics of the post-AGI economy in which it is anticipated that human-labor will have a very negligible role.

In part 2, I will discuss The ‘Ownership of Production’ in the Post-AGI economy and other ideas like; Universal Basic Income (or UBI), The debate over Inflation and Deflation, and, the concept of Robust Redistribution in an era of 'Radical Abundance'.

SUMMARY:

The Industrial Revolution brought immense changes as machines amplified human force. But automation still required human intelligence. AI now invades cognitive tasks, threatening many service jobs. While some expect new roles, AI experts doubt sufficient new work emerges.

Automation will likely dominate many occupations as AI matches or exceeds human capabilities. Human labor value decreases against inexpensive, tireless AI. With less need for human work, redistribution policies like basic income may be required. Ownership could also shift towards decentralized co-op models. Abundant AI should drive price deflation across many goods and services. And new economic indicators will be needed as employment rates matter less.

AI depends on talent, compute power, and data. Control over these resources risks concentrating AI power, enabling anti-competitive conduct. Still, open source initiatives can democratize access if governance prevents misuse. Ongoing vigorous regulation is critical to maintain competition and innovation as AI evolves.

If corporations own production, concentration of capital and regulatory capture are dangers. The talent and resources needed to develop AI pose barriers to entry, potentially cementing incumbents’ power. But collective ownership models like Alaska’s oil dividends demonstrate alternatives, distributing benefits to citizens. Well-designed redistribution is essential, though inflation fears persist. Deflationary pressures from oversupply and job losses should also arise.

Work provides self-worth, competence, purpose, and autonomy. Losing careers raises providing for loved ones and losing agency as threats. But independence need not rely on jobs. Ancient Greek “excellence” was social, not financial. Today’s leisure pursuits like sports or gaming offer similar mastery and meaning. Redistribution must expand free time and purchasing power to preserve autonomy. People distrust government to do this fairly, requiring new economic indicators like well-being indices.

Demand for uniquely human jobs will persist in caregiving, services, arts, and performance. But these roles likely won’t suffice as AI displaces other occupations. With basic needs met, more time could be spent with family. But absent major policy changes, this alone won’t drive the economy or fulfillment.

Transitioning to an economy where human labor has no value, an AGI rules, poses major cultural challenges. Adaptation takes time as new sources of productivity and self-worth are defined. Governments must commit to redesign for well-being. And new metrics beyond growth like happiness must measure prosperity.

An automation dividend could free humanity for flourishing. But reaping these benefits requires overcoming substantial hurdles at both societal and individual levels. We must begin this difficult journey in earnest.

Key foundations are reimagining education. As knowledge work declines, hands-on skills like gardening and repair gain importance. Apprenticeships and trade schools deserve renewed emphasis. Another imperative is decoupling rights like healthcare from jobs. Access based on need enables autonomy.

Perhaps the greatest shift is psychological. Moving from career-centric identity involves grief from losing longstanding purpose and structure. Community support through these transitions is vital. Things that provide meaning like volunteering and caregiving may be pillars of the AGI world.

Some see only dystopia in AI disrupting work. But with wisdom, we can create space for creativity unbound from drudgery. This future beckons us to evolve, anchoring shared dignity in our intrinsic humanity, not productivity. Able to thrive free from fear and inequity, human potential has no limit.

If you wish to see Videos of this Series, Please join me on the links below:

Part 1: https://www.youtube.com/watch?v=twWMaoI5V_w

Part 2: https://youtu.be/ySDlyTvUNC0

KEYWORDS;

#gpt3, #gpt3.5, #chatgpt4, #t5, #gpt4, #gan, #chatgpt, #diffusion, #agi, #asi, #vae, #transformer, #lamda, #llm, #palm, #palm2, #llama, #bloom, #feedforward, #rnn, #cnn, #convolution, #ai #artificialintelligence #deeplearning #neuralnetworks #attention #attentionisallyouneed, #transformerarchitecture, #rlhf, #artificialgeneralintelligence, #artificialsuperintelligence, #quantumcomputers, #convolutionneuralnetwork, #convolutionneuralnetwork, #neurons, #aicontainment, #jobs, #automaticceo