As AI transforms the world, we're faced with a crucial question: should we worry about job loss or focus on what we'll do with our time? Economics, at its core, is about managing and sharing resources. This fundamental principle has given rise to various ideologies like capitalism, communism, socialism, and more. While none of these ideologies are perfect, capitalism has historically been at the forefront, focusing on production. Communism, on the other hand, emphasizes distribution. Socialism seeks to strike a balance between the two.
In today's globalized economy, outsourcing has become a strategy for companies to cut costs by leveraging cheaper labor in developing regions. This trend is not limited to physical products; digital services like application development and electronic transfers have made it possible for high-quality professionals in countries with low-cost wages work with clients in the UK or US.
AI has emerged as a game-changer, with major corporations tapping into African talent for a fraction of the cost of hiring in the US. However, managing remote staff remains a significant challenge. My experience working with partners from Dubai on an ERP implementation project with a Nigerian tech startup, Kajopo AI, has shown me the potential for high-quality work and delivery.
But as AI continues to advance, my concern shifts to its impact on the workforce. Sam Altman's recent congressional hearing highlighted this issue, with politicians worrying about job loss while Altman emphasized the need to rethink how we spend our time. With AI poised to produce more than we can consume, we must ask ourselves: do we need to work if there are enough resources to share? Or is our mindset stuck on the idea that only the winners take all?
Decades ago, my economics class focused on resource sharing, which led to the development of different ideologies.
Now, with AI on the horizon, should we focus on what to do with our time in an era of abundance, rather than worrying about our livelihoods?
When I asked one of the AI's the response " The real challenge lies in equitably distributing these benefits and redefining the role of work in society."
What do you think?
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Will AI Replace Our Jobs or Enhance Our Lives?