What happens when cognitive tasks can be done at zero marginal costs? Co-CIO Greg Jensen explores some of the potential impacts that advancements of AI/ML technology could have on companies and the economy, including an extreme scenario that could potentially produce “explosive growth.”
Bridgewater is not just the US’s biggest hedge fund, it’s the world’s. As such, its research is indicative of mainstream economic thinking. That makes reading through their thoughts on AI & robots replacing human workers scary. Our governments and societies are guided by economist’s planning. If this level of cluelessness is mainstream economic thinking, we’re in big trouble.
The TLDR is that replacing all human workers will be great for investors and profits, and lead to economic boom times, as things getting cheaper will increase demand. No Nobel Prize in Economics for spotting the flaw with this line of thought. If no one has jobs, how do they buy stuff?
Jeremy Rifkin’s book ‘Zero Marginal Cost Society’ is a far more economically literate take on the effects of AI & robotics reducing the cost of production to near zero.
Bridgewater is not just the US’s biggest hedge fund, it’s the world’s. As such, its research is indicative of mainstream economic thinking. That makes reading through their thoughts on AI & robots replacing human workers scary. Our governments and societies are guided by economist’s planning. If this level of cluelessness is mainstream economic thinking, we’re in big trouble.
The TLDR is that replacing all human workers will be great for investors and profits, and lead to economic boom times, as things getting cheaper will increase demand. No Nobel Prize in Economics for spotting the flaw with this line of thought. If no one has jobs, how do they buy stuff?
Jeremy Rifkin’s book ‘Zero Marginal Cost Society’ is a far more economically literate take on the effects of AI & robotics reducing the cost of production to near zero.