As professor of economics and self-proclaimed doomer myself, I greatly appreciate this post! These are almost exactly my feelings when talking to fellow economists who typically think that, by an unspoken assumption, all AI will always be normal technology, a tool in people's hands.
I think your capital/labor point is particularly spot on. I've had a problem with that framing for several years now. That's why I proposed a "hardware-software" framework, which I elaborated in a few of my papers and one book. The idea is simple: just divide production factors differently! The key distinction is not whether it's man or machine, it's whether it's physical work or information processing.
As professor of economics and self-proclaimed doomer myself, I greatly appreciate this post! These are almost exactly my feelings when talking to fellow economists who typically think that, by an unspoken assumption, all AI will always be normal technology, a tool in people's hands.
I think your capital/labor point is particularly spot on. I've had a problem with that framing for several years now. That's why I proposed a "hardware-software" framework, which I elaborated in a few of my papers and one book. The idea is simple: just divide production factors differently! The key distinction is not whether it's man or machine, it's whether it's physical work or information processing.
More in a LW post: The Hardware-Software Framework: A New Perspective on Economic Growth with AI — LessWrong, and in my 2022 book, Accelerating Economic Growth: Lessons From 200,000 Years of Technological Progress and Human Development | SpringerLink.