This report evaluates the likelihood of ‘explosive growth’, meaning > 30% annual growth of gross world product (GWP), occurring by 2100. Although frontier GDP/capita growth has been constant for 150 years, over the last 10,000 years GWP growth has accelerated significantly. Endogenous growth...
www.openphilanthropy.org
GATE model shows AI-driven growth surges more easily than expected and supports much larger investments—advocating moderate optimism.
epoch.ai
en.wikipedia.org
The growth could be construed as coming from a new transition, that is industrially-dominated economies to fully-automated, following a sequence of hunter-gather-> farming-> industrial-> automated, each paradigm with a progressively higher growth rate.
The extra growth will come from an exploding population of AIs, at an astronomically higher rate than human population growth rates. There would be disembodied AIs, recursively self-improving, and also generating a flood of new knowledge and innovations. And then embodied-AI, which we haven't seen much of yet, that is robots with AI brains, acting in the physical world - imagine a team of robots that could build a house in day.
So the effective "brain" and "muscle" power of human civilisation would explode. There's plenty of (solar) energy to power this: insolation power is 10,000x the power used by humans. That's the source of the growth.
The costs of food, shelter, manufactured goods and software could fall to near-zero. If governments get it right, we could all lead lives of leisure, on UBI, All Watched Over by Machines of Loving Grace.
The Economist goes into some detail about the complex second order effects on wages, interest rates, and other macroeconomic measures; some of the possible outcomes are rather counter-intuitive. But it seems that the current economic/social status quo will/must change. I hope governments are smart enough to navigate through this.
Of course, the familiar dystopias that film and TV have been warning us about for decades could also happen. AI will inevitably give us humans superpowers, let's hope we use them well.