Economic consequences of AGI

Abstract

The economic consequences of artificial general intelligence (AGI) are explored, with particular emphasis on the potential for AGI to fundamentally change the nature of economic growth and employment. AGI, due to its potential for surpassing human intelligence and being more easily scalable, could accelerate economic growth, but also displace humans from many jobs. The authors discuss how AGI could lead to a “Malthusian” scenario, where wages fall to subsistence levels due to the unlimited supply of digital minds. They also examine the potential for AGI to trigger a new “growth mode” characterized by exponential growth rates, similar to the transitions to agriculture and industry. The potential for AGI to eliminate human culture through outcompetition is also considered, as well as the need for a “Singleton” to ensure strict control over AGI and prevent this outcome. – AI-generated abstract.