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Technological advancements create wealth by increasing efficiency. Not really sure what deeper explanation you're looking for? It's no different from the cott
by crazygringo 1y ago
Technological advancements create wealth by increasing efficiency.
Not really sure what deeper explanation you're looking for?
It's no different from the cotton gin or steam engine or railroads.
Obviously, if you don't think AI results in greater efficiency then there wouldn't be more wealth. But that's a tech question, not an econ question. The economic side of things couldn't be simpler.
- jrflowers 1y ago> by increasing efficiency Efficiency of what exactly? And how do they do that? All of the NFT-turned-AI bros insist that the answers to those questions are “everything” and “by being awesome”, which sounds more like the thinking of someone that’s convinced they’re on the precipice of inventing magic or figuring out how to directly petition god
- whatshisface 1y agoEfficiency in terms of dollars per app or page of filler content.
- lnfromx 1y agoLooking at e.g. the Solow Model better technology will indeed increase efficiency as the output per worker increases which will lead to economic growth. However I think you are right. This is an oversimplification with regards to AI because in the end its also about which products are being impacted. Also the product quality is left out in that scenario so it gets tricky. E.g. I would personally not like to read even one AI generated book as of today.