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Artificial Intelligence and the economic singularity

Calum Chace, Futurologist, journalist and best-selling author, took the stage at the Paris Fintech Forum last January, with a presentation entitled "Artificial Intelligence and the Economic Singularity". He notably addressed the advent of AI and how it is about to transform our entire society.

"We are living the most interesting time in all of Human history: we live longer, happier and in more equal ways than ever before. This human welfare is notably due to modern capitalism but mostly to technology and new digital tools combined with our know-how and knowledge. And this exponential growth won't stop anytime soon", started Calum Chace.

 

"We are seeing more demands to have general AI"

The best-selling author then addressed the burning topic of Artificial Intelligence by sharing the examples of the chess and Go games but quickly turned to the impact of AI on self-driving vehicles. "Yet, it is very difficult to go from 99% reliable to 100% reliable," he added. According to him, the prime time for these types of autonomous car will be mid-2020, transforming the mobility sector by making commuting better and by stopping a holocaust as too many people die on the road every single day. "They will also have an impact on the workforce as 4 million people in the US are professional drivers. What will happen when their jobs will disappear?" asked Calum Chace, who added: "And it's not just drivers, but also call centers, warehouses employees, and many more. But AI won't actually cause unemployment, but rather churn. Training will therefore be the key, because new jobs and tasks are to be created". The futurologist then explained that as a consequence a plan is needed in case "technology unemployment" happens. He then underlined that one could separate income from jobs and therefore demonetize the economy, which, he admitted, "might seem crazy".

"Because if this unemployment issue actually happens, people will probably panic. And when people panic they often turn to extreme politicians… Therefore, I demand that today's politicians pay attention and think about the existential risk. Moreover, we need to create think-tanks and share the research, highlighting positive outcomes and stories, advocating the creation of a singularity economy," concluded Calum Chace.

 

Alexandre Keilmann

Photo: Steven Reti