Economic growth under transformative AI
Philip Trammell (Global Priorities Institute, Oxford University) and Anton Korinek (University of Virginia, NBER and CEPR)
GPI Working Paper No. 8-2020, published in the National Bureau of Economic Research Working Paper series and forthcoming in the Annual Review of Economics
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 or task automation, capturing the notion that AI will let capital “self-replicate”. This typically speeds up growth and lowers the labor share. We then consider models in which AI increases knowledge production, capturing the notion that AI will let capital “self-improve”, speeding growth further. Taken as a whole, the literature suggests that sufficiently advanced AI is likely to deliver both effects.
Other working papers
Maximal cluelessness – Andreas Mogensen (Global Priorities Institute, Oxford University)
I argue that many of the priority rankings that have been proposed by effective altruists seem to be in tension with apparently reasonable assumptions about the rational pursuit of our aims in the face of uncertainty. The particular issue on which I focus arises from recognition of the overwhelming importance…
Three mistakes in the moral mathematics of existential risk – David Thorstad (Global Priorities Institute, University of Oxford)
Longtermists have recently argued that it is overwhelmingly important to do what we can to mitigate existential risks to humanity. I consider three mistakes that are often made in calculating the value of existential risk mitigation: focusing on cumulative risk rather than period risk; ignoring background risk; and neglecting population dynamics. I show how correcting these mistakes pushes the value of existential risk mitigation substantially below leading estimates, potentially low enough to…
Moral demands and the far future – Andreas Mogensen (Global Priorities Institute, Oxford University)
I argue that moral philosophers have either misunderstood the problem of moral demandingness or at least failed to recognize important dimensions of the problem that undermine many standard assumptions. It has been assumed that utilitarianism concretely directs us to maximize welfare within a generation by transferring resources to people currently living in extreme poverty. In fact, utilitarianism seems to imply that any obligation to help people who are currently badly off is trumped by obligations to undertake actions targeted at improving the value…