There is a dimension to Artificial Intelligence (AI) that I think is under appreciated and has greater implications to society than we understand. I explain in this blog post, beginning with succinctly stating the issue.
Artificial Intelligence (AI) changes the distribution of wealth. Artificial intelligence centralizes wealth in the hands of large corporations and Global Elite and takes it away from others.
The expression "wealth distribution" is a misnomer if the end the "rich get richer" -- that equates to less distribution. As the title of this linked Time Magazine article states, concerns about "the rich getting richer and the poor getting poorer" are nothing new. An economy is not a zero-sum game so it is fair to say they are both getting richer. An argument can made for either scenario, but there are particularly troublesome dynamics with AI.
The phenomenon of AI and it's effects are a concern for various reasons. Rightly so, AI is replacing people. It is doing so at all levels in the workforce from the factory worker to the accountant. From the waitress or the person at the counter of a fast food establishment to the psychologist. From the truck driver to the salesperson. Maybe the plumber and electrician are safe for a time but it won't be long before AI is mowing our lawns and painting our homes. Some doctors jobs are replaceable. AI will be reading our MRI and doing other diagnostics. AI will be flying our planes, running our trains and taking the tickets.
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| Give the job to a robot. |
You may say that AI can't offer a human touch. Don't be so convinced. If there can be AI girlfriends, well... besides AI will never complain about benefits, sue for discrimination, take a sick day or even go home after 8 hours. You want your AI to work faster, just program it to do so. You want it to take a break without pay, sure no problem.
Are you getting the picture? Are you starting to ask yourself where all the money that was going to pay employees is going to go?
Don't be so sure that consumers will complain. After all, their food is coming out faster and maybe they won't have to tip for service. AI truck drivers are more reliable and safer on the road. The accuracy of their MRI or x-ray reading is better. Their AI accountant cost them 1/5 as much. Our AI lawn mower makes perfect lines while we sit inside with air conditioning watching the game.
I'm not describing some far off in the future situation. This is not like us watching the 1960's cartoon The Jetsons 50 years ago and dreaming that such a fantasy world of efficiency could really exist one day. Oh no, AI is very real and very now and it's coming very fast. The future is now and it's just the beginning.
It's not all bad. AI promises to dramatically increase productivity. That is something our economy sorely needs in order to control inflation or maybe even turn back the cost of living. What's more, if AI can give us more free time and possibly save our life by identifying a cancer that would otherwise have been overlooked, then thank goodness for AI.
Many of these points about AI are already at least a part of the discussion. But a lot more thought and consideration needs to be given to how AI centralizes wealth and competes with human career paths.
On the individual level, a young person may best choose a different career or build a skill set that is less likely to become obsoleted by AI. Young people making education plans or entering the workforce need to ask what career compliments AI and therefore is likely to be in greater demand. For example in the field of copywriting there is a greater need for people that understand how to "prompt" AI. Obviously the skills for AI programmers are in demand today. Even robots break down in the field and need someone with the skills to service them.
But I have digressed because the point I want to make in this article is how AI will centralize wealth. All those jobs that are being replaced by AI are generating wealth that in will soon be going to the corporate or capitalist level not the worker level.
Large corporations appear to have a bigger advantage when it comes to AI. So do the global Elite who own these big corporations, be they the billionaires or entities such as Vanguard, Black Rock and State Street. The wealthy elite have trillions of wealth to gain from AI.
It's true that some of that wealth makes its way to our individual pension plans, 401k and other ways in which more modest citizens will benefit. But make no mistake, AI will centralize wealth. Perhaps there is something to be said for universal income (shout out to Andrew Yang) and/or free time! That's just one of of the conversations we need to and will have.
