If AI makes human labor obsolete, who decides who gets to eat? | US economy

AI Revolution: Feeding Humanity in a World Without Work

The rise of artificial intelligence has sparked a heated debate about the future of work, with some experts warning that AI could eventually replace human labor entirely. As we grapple with this potential future, one crucial question remains largely unaddressed: how will we feed ourselves in a world where machines do all the work?

While the prospect of AI taking over jobs may seem daunting, history suggests that technological advancements have often led to new opportunities and industries. However, the current AI revolution presents unique challenges that require careful consideration and planning.

OpenAI CEO Sam Altman envisions a future where AI makes us “stinking rich,” but this optimistic outlook may not be realistic for the majority of people. Even if AI generates enormous economic prosperity, the distribution of wealth will remain a significant political challenge. As machines take over more tasks, labor’s share of income will likely decrease, potentially approaching zero in the long run.

This shift in the economic landscape raises important questions about how society will be organized and who will have a say in the allocation of resources. Will a handful of techno-billionaires control the distribution of wealth, energy, and minerals? Or will there be a more democratic system in place to ensure that everyone’s needs are met?

United Nations Secretary-General António Guterres has emphasized the need for “guardrails that preserve human agency, human oversight, and human accountability” in the development and deployment of AI. He argues that the future of AI “cannot be decided by a handful of countries or left to the whims of a few billionaires.”

To address these challenges, experts like Anton Korinek and Lee Lockwood of the University of Virginia have proposed various ideas for how public finance might work in the AI era. They suggest that consumer taxes could initially pick up the slack as labor income shrinks, but in a world dominated by artificial superintelligence, capital taxation would likely become the primary source of government revenue.

Korinek and Lockwood also propose using taxes to steer technological investments toward technologies that help workers do their jobs better rather than replace them. Additionally, they suggest exploring other forms of taxation, such as taxes on fixed factors like land, spectrum, or data, or on monopoly rents.

However, implementing these ideas faces significant challenges. The owners of disruptive technologies must be convinced to share their wealth, which may not come naturally to them. In the United States, taxes currently amount to less than 26% of GDP, with capital taxation making up just over 2%. These numbers will need to increase substantially as people rely more heavily on government support in the absence of wages.

The current political climate in the United States, with the withdrawal of support for international tax agreements and the influence of tech oligarchs on politics, makes it difficult to implement meaningful reforms. Moreover, tech billionaires are actively working to build their own “network-states” in various parts of the world, potentially evading democratic governance if they can’t get their way under existing systems.

As we navigate this uncertain future, it’s clear that bold and innovative solutions will be necessary to ensure that everyone is fed and cared for in a world without traditional work. Some proposals include directly distributing equity in AI ventures or granting citizens a share in the returns generated by artificial intelligence.

However, these ideas face significant challenges and may require governments to act quickly before AI becomes too powerful. As we move forward, it’s crucial that we engage in open and honest discussions about the future of work, wealth distribution, and the role of AI in society.

Ultimately, the question of how we will feed ourselves in a world without work may come down to our ability to convince the tech oligarchs at the helm of the AI revolution to share their wealth and power. As we approach this uncertain future, it’s essential that we remain vigilant and proactive in shaping a society that benefits all, not just a select few.

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