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In the rapidly evolving world of artificial intelligence, economists are sounding alarms about a future where machines could render human labor obsolete, potentially reshaping global economies in profound ways. Anton Korinek, a professor at the University of Virginia’s Darden School of Business, recently shared stark warnings in an interview with the Institute for Business in Global Society at Harvard Business School. He predicts that artificial general intelligence (AGI)—systems capable of performing any intellectual task a human can—might arrive within two to five years, leading to widespread job displacement and a fundamental breakdown in how societies distribute wealth.
Korinek argues that as AI advances, it will substitute for human workers across most sectors, driving wages toward zero. “AGI will soon do essentially anything that a human worker can do,” he explained, making humans “easily substitutable by AI.” This substitution crisis isn’t hypothetical; recent reports from the San Francisco Fed highlight Korinek’s presentations on how transformative AI could slash the cost of intelligence and labor to near-zero levels, echoing sentiments in a YouTube discussion where he described a “$100 trillion question” of economic revolution.
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