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That's the big question, how prices evolve if LLMs increase supply. Standard economic theory says that prices must collapse. There is probably still a short tim
by fittingopposite 8d ago
That's the big question, how prices evolve if LLMs increase supply. Standard economic theory says that prices must collapse. There is probably still a short time of 2-5 years where AI native firms can pocket in quite some arbitrage but I guess markets will eventually figure it out and prices will collapse.
This is not only for law. The same applies to all the other industries where LLMs can be used to automate work tasks.
- intrasight 7d agoI agree that prices will go down dramatically in occupations that primarily involve code, words, and numbers - and in general knowing the "rules". But there are so many occupations that will have to wait for AI to enter the physical realm. I also predict that the backlash will largely prevent that from occurring.