“But Acemoglu hints at a better alternative: “You read evolutionary psychology or talk to many people who would say they want to be richer than you, more powerful than the other person and so on, and you think that’s the way it is. But then you talk to anthropologists, and they’ll tell you that for much of our humanity we lived in this egalitarian hunter-gatherer manner — so, what’s up with that?” An egalitarian society where automation is used to meet social need requires cooperative, commonly owned automated means of production. Rather than reduce jobs and the livelihoods of humans, AI under common ownership and planning could reduce the hours of human labour for all. That would be the real game changer.”
There is a new burst of techno-optimism emerging over the application of ChatGPT and LLMs. One analyst reckons that AI “has huge potential to boost economy-wide productivity” and cited a recent MIT study that showed a massive improvement in productivity while using ChatGPT. Also, much of the productivity gains were seen between 21 to 40-year-olds.
ChatGPT has gained 100 million users faster than any other application in history and these fast adoption rates are not confined to individual users. Major corporations, such as Bain & Company, have entered into deals with OpenAI to use generative AI in their strategy consulting business, while companies like Expedia have integrated ChatGPT through plug-ins.
So is ChatGPT etc a game changer for capitalism? MIT economics professor Daron Acemoglu is the expert on the economic and social effects of new technology, including the fast-burgeoning artificial intelligence (AI). He’s won the John Bates Clark Medal…
View original post 1,356 more words
DAMIJAN blog 