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The 2024 Chinese economy is foreshadowing AI's most destructive economic effect; not unemployment, but deflation. (www.cnbc.com)

submitted 2 months ago by Lugh to c/futurology

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[–] CanadaPlus@lemmy.sdf.org 8 points 2 months ago* (last edited 2 months ago) (1 children)

It’s driving the reduction in prices in the manufacturing of so many things, EVs especially.

Really? Do you have a specific example of that? I would have thought that it's one of those physical work things where either old school robots are already established, or cheap factory workers are still king.

AI causing deflation is an interesting thought. I don't really feel confident commenting on macroeconomics except for the basics, though.

[–] Lugh 2 points 2 months ago* (last edited 2 months ago) (1 children)

I don't have sources for the 2024 deflation in China and AI. (I qualified my initial statement "hard to know").

Robotics are a proxy for AI in manufacturing.

I suspect AI is about to give us a type of deflation no economist has ever seen or modeled before. What will happen when AI gives us the expert knowledge of doctors, lawyers, technicians, teachers, engineers, etc etc almost for free?

You can't talk of this scenario in terms of past models, because it's never happened before, but we can clearly see that it's just about to happen to us right ahead.

[–] Sethayy@sh.itjust.works 1 points 2 months ago

God forbid poor people have access to reliable doctors