On the impact of AI on work – The economy of a world without work

Source: This post on the impact of AI on work has been created based on the article “The economy of a world without work” published in The Hindu on 15^th November 2023.

UPSC Syllabus Topic: GS Paper 3 Science and Technology – Developments and their applications and effects in everyday life.

News: This article discusses the impact of Artificial Intelligence on work in the context of the contemporary global economic system.

At the recently concluded Bletchley Park summit on Artificial Intelligence (AI), tech leaders such as Elon Musk conceived of a future where AI would substitute for all human labour — both physical and cognitive — and hence individuals would face no pressing need for a job but would only seek work for personal fulfilment.

Read in detail about the Bletchley Declaration here.

What will be the concerns that may rise in a world without work?

Under our current system of capitalism, the only way an individual can access material resources such as food and shelter is through income derived from work.
If such a system goes away due to AI, there will be the following challenges:

1. No criteria to determine the monetary amount individuals will receive.
2. No criteria to determine the division of the output between those who own the machines and those who don’t.
3. No criteria to determine the division between future growth versus current consumption.

The world economy will face disruptions, and it is imperative for us to fully understand the nature of these challenges.

Read more about AI regulation here and here.

Question for practice:

Artificial Intelligence not only brings with it vast opportunities, but challenges too. Discuss in the context of its impact on work and contemporary economic system.