Chinese economists warn that AI could deepen China's economic imbalances, while the government's employment strategy faces both practical and fiscal obstacles
This is a take that I haven't ever really thought of, which is that people keep getting replaced, and they start making lower wages. On one end, it boosts the efficiency of companies and maybe even product development, but on the other, who's buying the products if they don't have the money? This is a really great perspective on the impact of AI that I don't think many people are addressing or thinking about.
To be fair that part is quite similar to some scenarios I’ve seen elsewhere (e.g. the Citrini “2028 global intelligence crisis”) but what I found interesting was how the economists connect it with patterns already present in China’s economy!
I wonder how relevant it is to compare chinas economy to ours when the governmental influence is so different and also if the information that is presented on both sides is accurate.
Slowing adoption in labour-intensive sectors buys time, but weak demand doesn't wait. Retraining only works if there are jobs to retrain into.
This is a take that I haven't ever really thought of, which is that people keep getting replaced, and they start making lower wages. On one end, it boosts the efficiency of companies and maybe even product development, but on the other, who's buying the products if they don't have the money? This is a really great perspective on the impact of AI that I don't think many people are addressing or thinking about.
To be fair that part is quite similar to some scenarios I’ve seen elsewhere (e.g. the Citrini “2028 global intelligence crisis”) but what I found interesting was how the economists connect it with patterns already present in China’s economy!
I wonder how relevant it is to compare chinas economy to ours when the governmental influence is so different and also if the information that is presented on both sides is accurate.