Artificial intelligence (AI) has the potential to revolutionize various aspects of our lives, bringing about material abundance and solving complex problems. However, this promise is not without controversy.
In Australia, a significant amount of food is wasted each year, with around 7.6 million tonnes lost annually, while one in eight Australians struggle to access basic necessities due to financial constraints. This raises questions about how the benefits of AI will be fairly distributed and whether it can address issues of poverty and inequality.
Economists argue that AI’s impact on the market economy is significant, as it challenges traditional notions of scarcity and work. The promise of abundance created by AI may lead to widespread unemployment, making it difficult for people to earn a living and access basic necessities. This raises concerns about the need for alternative solutions, such as universal basic income or services.
Some experts propose that a guaranteed income could help mitigate the negative effects of technological change, allowing market economies to adapt more easily. However, others argue that this approach may still perpetuate wealth inequalities if not designed carefully.
A radical alternative vision is offered by Aaron Bastani, who advocates for “fully automated luxury communism.” This approach seeks to socialize the use of AI and other technologies to meet collective needs, providing basic services like healthcare, education, and energy directly to citizens.
Ultimately, the implementation of AI and its impact on society will depend on how we choose to address these challenges. Rather than waiting for a technological “nirvana,” we should focus on creating solutions that promote fairness, equality, and social cohesion.
Source: https://www.sciencealert.com/ai-revolution-could-require-us-to-re-think-money-entirely