AI saves time and increases labour productivity per person many times over. So AI has the potential to transform the entire global economy. How much faster will everyone be? Imagine integrating an AI like ChatGPT into the legal system, into medicine, into science, into finance. Into media, into art (already happened), into gaming. You name it. And this is probably happening all at the same time.
Sounds crazy? It is not. I think Yuval Harari mentioned in one of his fantastic books that all the world’s trade in the 15th century could be done today with four or five large container ships. In other words, a person today is perhaps a thousand times more productive on average than a hundred years ago. What will happen if, in the next few years, AI increases that productivity by another hundred times? To be honest, the idea of such acceleration makes my head spin.