The Marx Memorial Library & Workers' School's annual Political Economy Lecture with Michael Roberts
“AI is perhaps the most significant change in our economy in my adult lifetime. AI will be a significant disinflationary force, increasing productivity and bolstering American competitiveness.” - Chair of the Federal Reserve, Kevin Warsh.
AI investment is exploding and driving economic expansion, particularly in the US. Huge amounts of credit, stock market funds and circular financing are funding this boom.
As yet, no profits are being made, and any productivity boost has been marginal. So a financial bust looks inevitable.
But there still could be a technological revolution after that, but likely spread over up to 20 years before real effects are felt.
AI will only save capitalism if labour is hugely replaced so that profitability for capital rises. Will that happen? The jury is out.
AI will not replace human intelligence and social labour, and it will only benefit humankind if based on common ownership and planning, reducing hours of toil and allowing labour to reap the benefits of increased productivity rather than profits for capital.
