If AI takes over the world, capitalism may well not survive

New technologies are advancing at a rate never seen before. Many people are gravely concerned that humans will soon be displaced by artificial intelligence, robots and all kinds of cutting-edge automation. Take the driverless vehicles under testing. If cars are self-driving and accident-proof, would we need drivers or even insurance? Will such technology put us out of work? Telsa CEO and SpaceX founder Elon Musk has even warned that we should start regulating AI because it might pose great existential threat to humanity. To some, this is unfounded paranoia. Undeniably AI and robots will revolutionise our way of life, our labour market and our economy. And many of the changes will be positive. For one thing, it would be faster for AI to identify effective cures for disease. And AI can take over the repetitive jobs humans do. Mark Zuckerberg and Elon Musk trade shots and insults over artificial intelligence But there is a catch. Whether or not we can enjoy and relax in this future “labourless” world hinges upon how fairly and efficiently the economic benefits generated by AI and robotic machines are to be distributed, or only individuals and big corporations able to control and invent AI and…


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