[ PERSON ]
BRUNO COLMANT
« Artificial intelligence is the absolute victory of hypercapitalism »
By Marion Moreau
F ve years after releasing his book in French , “ From the Dream of Globalization to the Nightmare of Populism ,” economist Bruno Colmant , a member of the Royal Academy of Belgium , underscores the danger of artificial intelligence exacerbating the crisis of today ’ s economic and social systems .
Is a new economic model emerging with the rise of artificial intelligence ? The critical issue revolves around productivity gains . These are vital because economic growth is funda- mentally driven by a combination of demographic trends and productivity improvements . Productivity gains are typically distributed between two production factors : capital and labour . The development we ’ ve seen since the early nineteenth century , with the initial manufacturing economy and machinery replacing human labour , is now amplified to a much greater extent by artificial intelligence .
These productivity gains will likely be predominantly , if not entirely , absorbed by capital at the expense of labour . As a result , the relative value of wages per unit of service or time will decline .
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WEJ | September 2024