AI is transforming our economic systems, helping us move beyond limitations and open up new possibilities for growth and prosperity. One example is redefining currency with AI tokens. AI is catalyzing a paradigm shift in the economic landscape, including the redefinition of currency with AI tokens. Not to be confused with cryptocurrency tokens, AI tokens serve as the fundamental units of computational work in AI applications powered by foundation models. They play a pivotal role in shaping the pricing frameworks for using AI foundation models and act as the primary medium of exchange in the age of AI, introducing a new metric of economic efficiency measured in computational energy use. As AI integrates into all facets of life, AI foundation models will emerge as the predominant driving forces on the economy's supply side. Foundation models are large-scale machine learning models trained on vast datasets to understand and generate human-like text, images, audio, or other data types. These models, like GPT and BERT, can perform various tasks across domains with minimal task-specific tuning.
The monopolistic nature of these models is akin to the role of central banks in today's economic infrastructure. AI will reshape the nature of work and affect jobs worldwide, replacing some and complementing others. The rapid advance of artificial intelligence has captivated the world, causing both excitement and alarm and raising important questions about its potential impact on the global economy. The net effect is difficult to foresee, as AI will ripple through economies in complex ways and potentially affect income and wealth inequality within countries. We may see polarization within income brackets, with workers who can harness AI witnessing an increase in their productivity and wages—and those who cannot fall behind. Research shows that AI can help less experienced workers enhance their productivity more quickly and potentially transform our economic systems, making them more efficient, inclusive, and equitable. However, we must navigate this transformation carefully, ensuring that the benefits of AI are widely distributed and accessible to all.
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Other resources:
4 ways AI could transform the economy as we know it.
AI Will Transform the Global Economy. Let’s Make Sure It ... - IMF.
Using AI in economic development: Challenges and opportunities.
Intelligent Economies: AI's transformation of industries and society.