AI And The New Prosperity: More Leisure AND More Stuff
The article discusses how artificial intelligence may lead to increased leisure time and prosperity, referencing John Maynard Keynes' prediction of a 15-hour workweek. However, it argues that people are choosing to work more to afford luxuries rather than enjoying more leisure time.
Artificial intelligence is expected to significantly boost productivity, leading to speculation about its economic implications. John Maynard Keynes predicted that increased productivity would result in higher wages and a reduced workweek, potentially as low as 15 hours. However, despite productivity growth, the average workweek remains higher than predicted. People are working more to afford luxuries that were previously unimaginable, such as vacations, cars, and modern amenities. Technology has reduced the burden of household chores, such as food preparation and cleaning, freeing up time. Modern conveniences like online banking, shopping, and household appliances have also saved time. The washing machine is a prime example, where despite taking less time to do laundry, people still spend a significant amount of time on it, choosing to wear cleaner clothes. As a result, people are enjoying more material possessions and leisure activities, rather than simply working less.
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