Sunday , November 24 2024
Home / Mike Norman Economics / AI technology will soon replace error-prone humans all over the world – but here’s why it could set us all free

AI technology will soon replace error-prone humans all over the world – but here’s why it could set us all free

Summary:
It sounds like a scary prospect, but if it's approached in the right way, it could open us up to a much more fulfilling way of life Can AI set us free and make us happier, or will we become bored without all the problems and hassles? Will machines outclass us in every way?  The monopolising of AI will lead to mass unemployment and mass welfare, reverberating globally. AI efficiency and efficacy will soon replace the error-prone human. It must be the case that AI is to be socialised and the means of production, the AI, redistributed: in other words, brought under public ownership. Perhaps, the emergence of co-operative groups made up of experienced individuals will arise to undertake managerial functions in their previous, now automated, workplace. Whatever the structure,

Topics:
Mike Norman considers the following as important:

This could be interesting, too:

Matias Vernengo writes Elon Musk (& Vivek Ramaswamy) on hardship, because he knows so much about it

Lars Pålsson Syll writes Klas Eklunds ‘Vår ekonomi’ — lärobok med stora brister

New Economics Foundation writes We need more than a tax on the super rich to deliver climate and economic justice

Robert Vienneau writes Profits Not Explained By Merit, Increased Risk, Increased Ability To Compete, Etc.

It sounds like a scary prospect, but if it's approached in the right way, it could open us up to a much more fulfilling way of life


AI technology will soon replace error-prone humans all over the world – but here's why it could set us all free


Can AI set us free and make us happier, or will we become bored without all the problems and hassles? Will machines outclass us in every way? 

The monopolising of AI will lead to mass unemployment and mass welfare, reverberating globally. AI efficiency and efficacy will soon replace the error-prone human. It must be the case that AI is to be socialised and the means of production, the AI, redistributed: in other words, brought under public ownership. Perhaps, the emergence of co-operative groups made up of experienced individuals will arise to undertake managerial functions in their previous, now automated, workplace. Whatever the structure, such an undertaking will require the full intervention of the state; on a moral basis not realised in the Luddite struggle.

Envisaging an economic system of nationalised labour of AI machinery performing laborious as well as lively tasks shan’t be feared. This economic model, one of "abundance", provides a platform of the fullest of creative expression and artistic flair for mankind. Humans can pursue leisurely passions. Imagine the doctor dedicating superfluous amounts of time on the golfing course, the manager pursuing artistic talents. And what of the politician? Well, that’s anyone’s guess... 


AI technology will soon replace error-prone humans all over the world – but here's why it could set us all free


The Independent 

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *