How much should governments pay to prevent catastrophes? Longtermism's limited role
Carl Shulman (Advisor, Open Philanthropy) and Elliott Thornley (Global Priorities Institute, University of Oxford)
GPI Working Paper No. 8-2024, forthcoming in Essays on Longtermism
Longtermists have argued that humanity should significantly increase its efforts to prevent catastrophes like nuclear wars, pandemics, and AI disasters. But one prominent longtermist argument overshoots this conclusion: the argument also implies that humanity should reduce the risk of existential catastrophe even at extreme cost to the present generation. This overshoot means that democratic governments cannot use the longtermist argument to guide their catastrophe policy. In this paper, we show that the case for preventing catastrophe does not depend on longtermism. Standard cost-benefit analysis implies that governments should spend much more on reducing catastrophic risk. We argue that a government catastrophe policy guided by cost-benefit analysis should be the goal of longtermists in the political sphere. This policy would be democratically acceptable, and it would reduce existential risk by almost as much as a strong longtermist policy.
Other working papers
The long-run relationship between per capita incomes and population size – Maya Eden (University of Zurich) and Kevin Kuruc (Population Wellbeing Initiative, University of Texas at Austin)
The relationship between the human population size and per capita incomes has long been debated. Two competing forces feature prominently in these discussions. On the one hand, a larger population means that limited natural resources must be shared among more people. On the other hand, more people means more innovation and faster technological progress, other things equal. We study a model that features both of these channels. A calibration suggests that, in the long run, (marginal) increases in population would…
Economic growth under transformative AI – Philip Trammell (Global Priorities Institute, Oxford University) and Anton Korinek (University of Virginia)
Industrialized countries have long seen relatively stable growth in output per capita and a stable labor share. AI may be transformative, in the sense that it may break one or both of these stylized facts. This review outlines the ways this may happen by placing several strands of the literature on AI and growth within a common framework. We first evaluate models in which AI increases output production, for example via increases in capital’s substitutability for labor…
The end of economic growth? Unintended consequences of a declining population – Charles I. Jones (Stanford University)
In many models, economic growth is driven by people discovering new ideas. These models typically assume either a constant or growing population. However, in high income countries today, fertility is already below its replacement rate: women are having fewer than two children on average. It is a distinct possibility — highlighted in the recent book, Empty Planet — that global population will decline rather than stabilize in the long run. …