Most countries will suffer misery from government fiscal meltdownElon Musk sees a future where no one works other than doing work as a hobby, and artificial intelligence and robots do all of the work, which would require universally high incomes. People could choose to work for reasons of personal esteem or just because they are interested in some activity.
The correct policy solution is to cut government spending so that the debt-to-GDP ratio is falling at a meaningful rate. The other alternatives are to engage in and tolerate episodes of higher inflation or find ways to jack up income growth to swamp inflation. In the long run, it is almost certain that the new technologies will make future generations much wealthier. But history also teaches us there are often many glitches and technological and political delays on the journey.
AI has already shown its ability to automate routine and repetitive tasks, such as data entry, scheduling, and basic customer service interactions, reducing the time spent on mundane tasks while minimizing errors. AI and new technologies are significantly augmenting human capabilities. For example, AI can assist doctors by providing diagnostic suggestions based on a patient’s medical history and current symptoms.
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