The accelerating pace of technology is often overlooked. This is something that shows up in the economic productivity numbers, even though the impact is under represented.
In this video I discuss how the last 20 years saw half the world's wealth generated. This will be eclipsed over the next 20 years, perhaps by an order of magnitude. We have to fact in the deflationary nature of technology and both dematerialization/miniturization that takes place.
▶️ 3Speak
I think people forget how fast we are developing new technology. The aeroplane was invented in 1903. Before then the idea of people flying was just a dream. Within the same century not only did we have it available commercially, but we were able to send people into outer space. The internet was a breakthrough in sharing information across the globe, the smartphones were able to put complex computers in the palm of our hands. Quantum computing and AI can speed these up even further. We might be heading into a future depicted in movies faster than we anticipate.
Another important point is how long it took those technologies to go from concept to mainstream adoption. 1903 for the plane but how long until air travel was common (and safe)? The 1950s?
I think we've been making leaps and bounds from concept to mainstream throughout the years. The technology in 1903 was still pretty basic, and even by 1950s it still wasn't that good. The concern of safety on top of costs really pushed back the mainstream adoption. If we compare it to something relatively safe like mobile phones, it was around 1979 for the concept, and 1983 was the first mainstream one. The succeeding improvements have been consistent and quick.
Generative AI almost came out of nowhere. Looking it up, it was around 2014 where advancements towards it were noted. GPT-1 was in 2018, GPT-2 in 2019, and then Image generation followed in 2021. It was like 3 years for simple text to image improvement in generative AI. And by the rate they are able to train them, their learning speed in other things like coding will only get better.
Things are moving at a scary fast pace, and most people don't even realize how exponential the growth is! The world needs UBI now more than ever to offset the widening gap in wealth generation between the owning class and the working class.
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STOPor to resume write a wordSTARTSummary:
In this video, Taskmaster 4450 discusses the impact of technological advancements, particularly artificial intelligence (AI), on economic output and productivity. Taskmaster explains how technology, especially AI, acts as a time compressor by enabling greater economic output in less time. He highlights the exponential growth in global GDP over the past few decades, with half of the world's wealth being created in the last 20 years. Taskmaster uses examples like automotive manufacturing and AI chatbots to illustrate how technology accelerates productivity. He also mentions OpenAI and the evolution of AI interfaces. Taskmaster predicts a significant increase in economic productivity in the next 20 years due to accelerating technological advancements.
Detailed Article:
Taskmaster 4450 delves into the concept of the accelerating pace of technology and its impact on economic growth in this video. He emphasizes the exponential growth in global GDP, pointing out that half of the world's wealth was created in the last 20 years, attributing this surge to advancements in technology, particularly artificial intelligence (AI).
The discussion begins by illustrating how technology acts as a time compressor, increasing economic output in less time. Taskmaster uses the example of automotive manufacturing to demonstrate the shift from manual labor to automation and how technology has significantly boosted productivity in various industries.
The conversation then steers towards AI, focusing on OpenAI's role in revolutionizing AI interfaces. Taskmaster highlights the significance of user interfaces in driving technological advancements and predicts further advancements in AI technology. He compares the evolution of AI to the development of the internet and smartphones, emphasizing the continuous growth and potential future advancements in the field.
Taskmaster also touches upon the financial aspect of technological growth, explaining how past investments in technology pave the way for future innovations. He discusses how companies like Tesla continue to innovate and generate revenue, leading to a continuous cycle of investment and growth. Moreover, Taskmaster emphasizes the liberation of resources, both financial and human capital, as technology progresses and frees up resources for further advancements.
The video concludes with Taskmaster predicting a significant increase in global economic productivity over the next 20 years, driven by accelerating technological advancements. He underscores the deflationary impact of technology on various industries, such as long-distance phone billing and music sales, highlighting the changing economic landscape influenced by technology.
Overall, Taskmaster's analysis offers insights into the transformative power of technology, particularly AI, in shaping the future of economic growth and productivity. His discussion underscores the exponential nature of technological advancements and their profound implications for various industries and global economic trends.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.