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this post was submitted on 28 Jul 2023
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Present Day
Okay, so that's enough about the past. What about now?
Well, monopolization of land and housing via the housing crisis has done tremendous harm:
And that is just one form of rent-seeking. Imagine the collective toll of externalities (e.g., the climate crisis), monopolistic/oligopolistic markets such as energy and communications, monopolization of valuable intellectual property, etc.
So I would tend to say that — unless we change our policies to eliminate the housing crisis, properly price in externalities, eliminate monopolies, encourage the growth of free and open IP (e.g., free and open-source software, open research, etc.), and provide critical public goods/services such as healthcare and education and public transit — we are on a trajectory for AI to be Gilded Age 2: Electric Boogaloo. AI merely represents yet another source of productivity growth, and its economic spoils will continue to be captured by the already-wealthy.
I say this as someone who works as an AI and machine learning research engineer: AI alone will not fix our problems; it must be paired with major policy reform so that the economic spoils of progress are felt by all, not just the rich.
Joseph Stiglitz, in the same essay I referred to earlier, has this to say: