Fair Wealth Allocation in the World of Artificial Intelligence
Fair Wealth Allocation in the World of Artificial Intelligence
Short summary of Sam Altman's proposal of the fair, new world
— Author: Vladimir Super-BusinessDad —
While was at Bancelona’s airport, waiting for my delayed flight, I stumbled upon one refreshing article. It was the ‘Moore's Law for Everything’ by Sam Altman, co-founder and CEO of OpenAI.
Are you already familiar with who Sam Altman is? To put it in a nutshell, he is the main guy behind the ChatGPT - the revolutionary solution that left the world speechless.
The text was about his views on the new world that will inevitably come in a few years and how to tailor it to achieve fair wealth distribution.
Why do I want to share this with you? Isn’t that a little bit out of our regular “business/parenting” domain? I wanted to highlight that at the foundation of any good businessman and entrepreneur, there can be some strong and humanistic views on society’s wellbeing.
TL;DR
The rapid advancement of artificial intelligence (AI) is set to reshape our world, ushering in a new era of wealth creation and socioeconomic change.
In this blog post, we explore Sam Altman's vision for navigating this transformation through his concept of "Moore's Law for Everything."
Altman proposes a comprehensive plan that involves embracing AI, transforming capitalism, and implementing a novel American Equity Fund to distribute wealth more equitably.
Part 1: The AI Revolution
Altman foresees the AI revolution as the 4th major technological shift, predicting that AI will transform industries, lower the cost of goods and services, and create unprecedented wealth.
This revolution, driven by the exponential progress of AI, demands a new societal framework to ensure inclusive growth.
Part 2: Moore's Law for Everything
Altman introduces the concept of "Moore's Law for Everything," advocating for the reduction of costs through AI advancements, which could lead to a world where goods and services become increasingly affordable. This approach, he argues, would drive economic growth, creating a scenario where everyone benefits from the technological revolution.
Part 3: Capitalism for Everyone
Since the AI power will be in the hands of a small number of companies (probably tech giants we have today, led by Google and Microsoft), it could lead to ever-rising inequalities. Therefore, it is of the most important to have their wealth fairly distributed to society.
To address the inherent inequalities in capitalism, Altman proposes a shift in focus from taxing labor to taxing capital. The key lies in creating an American Equity Fund that taxes companies and privately-held land, distributing the generated wealth directly to citizens, thereby making everyone a stakeholder in the nation's prosperity.
Part 4: Implementation and Troubleshooting
Altman outlines practical steps for implementing the American Equity Fund, including taxing companies and land, and distributing dividends to citizens. To prevent abuse and ensure fairness, he suggests constitutional safeguards, regular reassessments of property values, and restrictions on borrowing against future fund distributions.
Part 5: Shifting to the New System
Altman emphasizes the need for a gradual transition to the proposed system, with legislation gradually implementing the 2.5% tax rates as GDP increases. He draws parallels to historical moments, highlighting the potential for broad support by being both pro-business and pro-people.
Immediate Action: Three Key Steps to Implement Now
Since it is difficult to give you some three actional steps we can implement today, let's observe them as the 3 most important things we should bring with us from Altman’s concept.
Embrace AI Advancements: Encourage the integration of AI technologies to drive down the cost of goods and services, promoting economic growth and making benefits accessible to all.
Transform Capitalism: Shift focus from taxing labor to taxing capital, exploring innovative approaches like the American Equity Fund to distribute wealth more fairly among citizens.
Gradual Implementation: Advocate for a phased transition to new systems, with legislation gradually introducing tax rates tied to economic growth, ensuring a smoother adaptation to the evolving socioeconomic landscape.
Final words
The unstoppable AI revolution presents an opportunity to shape a more equitable, prosperous society. Altman's vision encourages us to proactively embrace technological advancements, reform capitalism, and implement a novel wealth distribution system to ensure that everyone shares in the benefits of the future.
What is another option? Powerful minorities and the army of not yet requalified unemployed masses.
I would rather live in Altman’s world.
I would greatly appreciate it if you could share your thoughts on this subject in the comment section. The entire community can benefit from a variety of perspectives, helping us collectively find the best solutions.
If you have friends who might be interested in these topics, please consider spreading the word. The more minds we have engaged in these discussions, the better we can become as both businessmen and fathers.