Alison A. Stewart

Alison Stewart is a world explorer, mentor, coach, business owner, investor, internet marketer, and amateur photographer.

[Chase Lean @chaseleantj]

Breaking: Now you can turn images into video with ChatGPT

How to do it?

Use the new feature called Code Interpreter.

See the steps below 👇

[Alison A. Stewart @astewart32]

@AIToolReport SEND please.

[Dan Sullivan @DanSullivanSC]

I’m a big advocate for taking Free Days—24-hour periods with no work-related activity.

Doing this has improved my marriage and my working #relationships tremendously, not to mention my #health, #productivity, and #energy.

[Peter H. Diamandis, MD @PeterDiamandis]

" There will be NO programmers in 5 years." - @EMostaque

[Sadhguru @SadhguruJV]

Yesterday lives only in your Mind. #SadhguruQuotes

[Peter H. Diamandis, MD @PeterDiamandis]

Fear & Scarcity is the default human mindset from 10,000+ years ago…. Time for a software upgrade!

[Seth Kramer @sethjkramer]

The best way to learn about AI is to build real projects with it.

When you build, you learn what’s valuable and what’s not.

With no-code tools like Bubble, you can build a real working AI app (like a chatbot or image generation app).

Learn how: https://t.co/4cpiAOQOJc

[Richard Branson @richardbranson]

When we started @VirginGalactic, we had an outlandish dream: to turn commercial space travel into a reality. Virgin Galactic has now completed its inaugural commercial spaceflight. What a moment. https://t.co/eWHfISJjz0 #Galactic01

[Hunter Dickson @Hunterdickson]

From the AMA | The Arrival of Exponential Organizations: A New Era of Ag... https://t.co/hqRNMC5oQp via @YouTube

[Peter H. Diamandis, MD @PeterDiamandis]

Don't think differently; think independently. Ironically, these days thinking for yourself happens to be different.

[Hunter Dickson @Hunterdickson]

One Of The Oldest Pianists In The World - The Story Of 106-Year Old Cole... https://t.co/7nxuLFEGj1 via @YouTube

[SpaceX @SpaceX]

After delivering 72 spacecraft to orbit, Falcon 9 returns to Earth and completes SpaceX’s 200th landing of an orbital class rocket

[Tiny Buddha @tinybuddha]

"Let it hurt. Let it bleed. Let it heal. And let it go." ~Nikita Gill

[Peter H. Diamandis, MD @PeterDiamandis]

What are your favorite longevity products? Why?

[Hunter Dickson @Hunterdickson]

How ExO Changed my Life https://t.co/Tm6xHDFU08 via @YouTube

[Peter H. Diamandis, MD @PeterDiamandis]

If you could design a brand new educational structure for our kids, what subject/topic do you believe is crucial for their learning?

[Peter H. Diamandis, MD @PeterDiamandis]

Will AI be able to experience emotions?

[Hunter Dickson @Hunterdickson]

Mindset shift: Great things are possible Perspective shift: I don't have to do this alone. Connect with like-minded #diamandismindset

[Hunter Dickson @Hunterdickson]

Unlocking Exponential with Peter Diamandis and Salim Ismail | ExO 2.0 La... https://t.co/FY0GNk2bco via @YouTube

[Marc Andreessen 🇺🇸 @pmarca]

AI Risk #3: Will AI Take All Our Jobs?

The fear of job loss due variously to mechanization, automation, computerization, or AI has been a recurring panic for hundreds of years, since the original onset of machinery such as the mechanical loom. Even though every new major technology has led to more jobs at higher wages throughout history, each wave of this panic is accompanied by claims that “this time is different” – this is the time it will finally happen, this is the technology that will finally deliver the hammer blow to human labor. And yet, it never happens.

We’ve been through two such technology-driven unemployment panic cycles in our recent past – the outsourcing panic of the 2000’s, and the automation panic of the 2010’s. Notwithstanding many talking heads, pundits, and even tech industry executives pounding the table throughout both decades that mass unemployment was near, by late 2019 – right before the onset of COVID – the world had more jobs at higher wages than ever in history.

Nevertheless this mistaken idea will not die.

And sure enough, it’s back.

This time, we finally have the technology that’s going to take all the jobs and render human workers superfluous – real AI. Surely this time history won’t repeat, and AI will cause mass unemployment – and not rapid economic, job, and wage growth – right?

No, that’s not going to happen – and in fact AI, if allowed to develop and proliferate throughout the economy, may cause the most dramatic and sustained economic boom of all time, with correspondingly record job and wage growth – the exact opposite of the fear. And here’s why.

The core mistake the automation-kills-jobs doomers keep making is called the Lump Of Labor Fallacy. This fallacy is the incorrect notion that there is a fixed amount of labor to be done in the economy at any given time, and either machines do it or people do it – and if machines do it, there will be no work for people to do.

The Lump Of Labor Fallacy flows naturally from naive intuition, but naive intuition here is wrong. When technology is applied to production, we get productivity growth – an increase in output generated by a reduction in inputs. The result is lower prices for goods and services. As prices for goods and services fall, we pay less for them, meaning that we now have extra spending power with which to buy other things. This increases demand in the economy, which drives the creation of new production – including new products and new industries – which then creates new jobs for the people who were replaced by machines in prior jobs. The result is a larger economy with higher material prosperity, more industries, more products, and more jobs.

But the good news doesn’t stop there. We also get higher wages. This is because, at the level of the individual worker, the marketplace sets compensation as a function of the marginal productivity of the worker. A worker in a technology-infused business will be more productive than a worker in a traditional business. The employer will either pay that worker more money as he is now more productive, or another employer will, purely out of self interest. The result is that technology introduced into an industry generally not only increases the number of jobs in the industry but also raises wages.

To summarize, technology empowers people to be more productive. This causes the prices for existing goods and services to fall, and for wages to rise. This in turn causes economic growth and job growth, while motivating the creation of new jobs and new industries. If a market economy is allowed to function normally and if technology is allowed to be introduced freely, this is a perpetual upward cycle that never ends. For, as Milton Friedman observed, “Human wants and needs are endless” – we always want more than we have. A technology-infused market economy is the way we get closer to delivering everything everyone could conceivably want, but never all the way there. And that is why technology doesn’t destroy jobs and never will.

These are such mindblowing ideas for people who have not been exposed to them that it may take you some time to wrap your head around them. But I swear I’m not making them up – in fact you can read all about them in standard economics textbooks. I recommend the chapter The Curse of Machinery in Henry Hazlitt’s Economics In One Lesson, and Frederic Bastiat’s satirical Candlemaker’s Petition to blot out the sun due to its unfair competition with the lighting industry, here modernized for our times.

But this time is different, you’re thinking. This time, with AI, we have the technology that can replace ALL human labor.

But, using the principles I described above, think of what it would mean for literally all existing human labor to be replaced by machines.

It would mean a takeoff rate of economic productivity growth that would be absolutely stratospheric, far beyond any historical precedent. Prices of existing goods and services would drop across the board to virtually zero. Consumer welfare would skyrocket. Consumer spending power would skyrocket. New demand in the economy would explode. Entrepreneurs would create dizzying arrays of new industries, products, and services, and employ as many people and AI as they could as fast as possible to meet all the new demand.

Suppose AI once again replaces that labor? The cycle would repeat, driving consumer welfare, economic growth, and job and wage growth even higher. It would be a straight spiral up to a material utopia that neither Adam Smith or Karl Marx ever dared dream of.

We should be so lucky.