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How will AI possibly help the economy? if it achieved even 1/10th of what the techno optimists think, you’ll see massive unemployment and likely collapse of cre

How will AI possibly help the economy? if it achieved even 1/10th of what the techno optimists think, you’ll see massive unemployment and likely collapse of credit markets that have been hanging on for a thread for a long time (like the trillions in student loan debt). I just can’t possibly see how AI is going to revolutionize the economy, unless you define the “economy” as the nasdaq, then yea, i guess so, but that’s a real simpleton view.

GreedClarifies 3y ago
At a minimum it will automate which will increase productivity and almost certainly increase aggregate supply. In a more AI maximal case it will solve new problems, the increase in GDP from this case is very large.
- katbyte 3y ago
  You didn’t address the main issue asked about: what happens with all the people out of work?
  - cwalv 3y ago
    They can keep working, just more effectively
  - aurareturn 3y ago
    What happened when electricity put so many manual laborers out of work?
    - hhjinks 3y ago
      That's not what they're asking. What happens to the individuals if AI can automate a large portion of service jobs? A lot of people who lost their jobs due to disrupting innovations never managed to return to their previous income level. And regardless, how does society survive a potential collapse of employment in the service sectors? The service industry employs ~80% of the employed population. If "just" 50% of service jobs can be automated, you've got ~60 million people losing their livelihood in the US alone. New jobs don't spring up overnight, especially if humans are redundant in the service industry. What happens to those 60 million people?
      - aurareturn 3y ago
        60 million people aren’t going to lose their jobs overnight. It’ll be a long process.
- jonkho 3y ago
  ChatGPT will automate what valuable tasks, exactly?
mkii 3y ago
You see, the AI will allow people to free up enough time in their J1, J2, J3, etc. that they will have enough time to run more side-hustles or gig-economy jobs. ECONOMY! /s

GreedClarifies 3y ago

At a minimum it will automate which will increase productivity and almost certainly increase aggregate supply. In a more AI maximal case it will solve new problems, the increase in GDP from this case is very large.

katbyte 3y ago
You didn’t address the main issue asked about: what happens with all the people out of work?
- cwalv 3y ago
  They can keep working, just more effectively
- aurareturn 3y ago
  What happened when electricity put so many manual laborers out of work?
  - hhjinks 3y ago
    That's not what they're asking. What happens to the individuals if AI can automate a large portion of service jobs? A lot of people who lost their jobs due to disrupting innovations never managed to return to their previous income level. And regardless, how does society survive a potential collapse of employment in the service sectors? The service industry employs ~80% of the employed population. If "just" 50% of service jobs can be automated, you've got ~60 million people losing their livelihood in the US alone. New jobs don't spring up overnight, especially if humans are redundant in the service industry. What happens to those 60 million people?
    - aurareturn 3y ago
      60 million people aren’t going to lose their jobs overnight. It’ll be a long process.
jonkho 3y ago
ChatGPT will automate what valuable tasks, exactly?

mkii 3y ago

You see, the AI will allow people to free up enough time in their J1, J2, J3, etc. that they will have enough time to run more side-hustles or gig-economy jobs. ECONOMY! /s