Rewriting the Economy: The Growth of Automation and the Privatization of Services

Author: Esefo Aghedo

Field of Study: Business/Economics

Program Affiliation: Source Project Research Program

Faculty Mentors: Will Glovinsky

Abstract: Human society has quickly started to develop further because of artificial intelligence (AI). Income, labor, and the influence of AI, has resulted in a shift of dynamics in wealth distribution. As a result, the future politicians and people wonder what this will mean for working/jobs in society. Historians, such as Winstanley’s The Diggers and Lahontan’s New Voyages to the North, offer early perspectives on the exploitation and privatization of land, in regard to context for AI and automation will soon result the same. In the face of automation, fears of economic instability rises because of uncertainty of the future. Briggs' argues that AI and economic growth highlight AI’s potential to address labor differences but also raises questions about future wage structures and wealth distribution. The rise of AI challenges traditional labor systems, potentially leading to privatization and companies monopolizing its usage. McCollough’s data on demographics shows possible shifts in labor markets and economic policies.