The coming of 'the singularity' The political and economic implications for the TCI

Machine learning technology is developing at the speed of light – at a pace faster than society can comprehend. While these technological advances promise to change the nature of human civilization, in many other ways it is not so benevolent.

Today, futurists believe that we are rapidly entering a hypothetical epoch at which technological proliferation reaches a point –uncontrollable and irreversible – with powerful, intelligent technologies that would radically and unpredictably transform reality, dubbed “the singularity.”

Although “singularity” was coined by Hungarian-American mathematician, John von Neumann

BY D MARKIE SPRING

in the 1950s, it was Ray Kurzweil, inventor and futurist, in his 2005 book, “When Human Transcends Biology,” who embraced the term. In it he narrates artificial intelligence (AI), the future of humanity, and cites the major impacts across industries.

Kurzweil recounted his “law of accelerating returns,” which signals an exponential surge in technologies driven by three interconnected technological revolutions: genetics, nanotechnology and AI.

Once “the singularity” has arrived, machine intelligence will infinitely be more powerful and efficient than human intelligence – a kind of brainpower, which will emit outward from the planet until it infuses the universe, he says!

As these technologies continue to develop and converge, man’s physical and cognitive abilities will likely increase and ultimately merge with machines, ushering in a new era of post-human civilization. Such a breakthrough is bound to impact the TCI and if legislators refuse to advance with the world, this is deemed primitive and looking at it from the macro- economic perspective the nation’s classical economy model will suffer tremendously, as computers become more efficient and shrewd than humans.

The singularity would glaringly increase productivity and growth, and prices will drop significantly, as computers can produce goods and services at a fraction of the price and time compared to humans.

Additionally, high unemployment will ensue, dwarfing the 25 percent unemployment during the early 20th century Great Depression and engender unprecedented deflationary pressures, overshadowing the 7 percent drop during that historic period. Besides, the singularity will certainly ignite strong economic growth cycles, outstripping the 6.9 percent economic growth following WWII.

Coupled with this, microeconomic effects will be felt, spawning a corporate downtrend. The services industry, including banks and other financial service companies, will be disrupted and mainstream media companies will become obsolete, as AI can now write articles, when prompted.

Long-established retail firms will lose out, because of a dearth of personalised shopping experiences.

The speed of technological change has exceeded the expectations of many and already, we’re witnessing mild economic impacts emerging inside Big Tech companies.

So, I ask, how should the Government respond to these quantum leaps? The answer to this question is complex and requires rigorous analysis and thinking outside the box.

Nevertheless, policymakers must train workers in new skills to bridge the unemployment gap. In addition to, redesigning workflow – implementing a 4-day work week with full pay, as reduced pay will certainly fuel deflation.

More so, the Government would be forced to disperse stimulus packages to assist residents, financed through reduced spending.

AI is now an integral part of our lives and there is hardly any area the technology has not impacted. Like it or not, the singularity is fast approaching and lawmakers should be preparing or risk being left behind!