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#29 – Phil Trammell on Economic Growth under Transformative AI
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The Evolution of Labor Augmenting Technology
In the developed world, we've seen exponential growth pretty much for hundreds of years now. So what must be going on is we're not just piling up the capital but also somehow piling up the labor. We're developing what economists would call labor augmenting technology. The idea there is we're figuring out ways to organize the factories and stuff or just organize systems of production so that people are doing different tasks than they used to. And all this ultimately allows one person to do in a day what took his parents like two people to do ina day.
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