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This futuristic Research Report from June 2028 got Wall Street scared a few days ago. It predicts that AI will cause massive disruption and displacement in the economy which will lead to a terrible market decline.
It’s very scary reading not for the faint of heart.
Personally, with national debt at $38 trillion, I worry more about a looming debt crisis than AI.
What is your take on either of these topics? What are you worried about? A debt crisis or disruption to the economy by AI?
I worked as an embedded software engineer in both the industrial automation and automotive sectors. I never had the opportunity to use the neural networks that current AI is based on but did implement some clever self-adjusting “learning” algorithms over the years.
I just finished watching the 12-lecture “Understanding Artificial Intelligence” by professor of philosophy Dr. Patrick Grim on Great Courses streaming, which I highly recommend.
I am more concerned about the national debt than Artificial Intelligence (which I think should more correctly be called Simulated Intelligence).
The national debt issue is a political issue and in the current anti-tax environment cannot be solved. Only when honest and forthright politicians are voted into power in both legislative and executive branches will this issue be addressed.
Artificial Intelligence does now and will increasingly disrupt our relationship with work. What is new this time is that it is not just those who perform physical labor but also those who do intellectual labor are affected.
The AI promise: The decoupling of economic productivity from the number of hours of human labor input.
This started with the industrial revolution, mass production, and accelerated with electronic control systems (automation) used in modern manufacturing. The combination of advanced sensor technology with AI logic will expand the impact to all areas of human labor, from research scientists to agricultural field workers.
I am not concerned about the doomsayers talk about an “AI singularity” where the AI becomes smarter than us biological intellects and decides we are not needed.
The affect of AI that that is concerning is how our society will respond when all of our material needs can be satisfied with much, much less labor than is currently used. Will our political and economic systems be able to adjust so that everyone wins?