Calum Chase Explores the Possibility of an Economic Singularity

Tuesday, August 30, 2016

Calum Chase Explores the Possibility of an Economic Singularity

Artificial Intelligence

In his latest book, Calum Chace argues that the impact of automation of jobs by machine intelligence will be so profound that it deserves to be called a Singularity – the Economic Singularity. He says this is the single most important development facing humanity in the first half of the 21st century.

Artificial intelligence is overtaking our human ability to absorb and process information. Robots are becoming increasingly dexterous, flexible, and safe to be around. Our most powerful technology, is exponentially getting smarter and better than you at performing tasks and you need to understand it. In a new book, The Economic Singularity: Artificial intelligence and the death of capitalism from best-selling AI writer Calum Chace, he argues that within a few decades, most humans will not be able to work for money.

For Chace, self driving cars may be be the canary in the coal mine, providing a wake-up call for everyone who isn’t yet paying attention. All jobs will be affected, from fast food McJobs to lawyers and journalists.

This is the single most important development facing humanity in the first half of the 21st century argues Chace.

The fashionable belief that Universal Basic Income is the solution is only partly correct writes Chace. We are probably going to need an entirely new economic system, and we better start planning soon - for what he calls, the Economic Singularity. He argues that the outcome can be very good – a world in which machines do all the boring jobs and humans do pretty much what they please. But there are major risks, which we can only avoid by being alert to the possible futures and planning how to avoid the negative ones.

"I’m not convinced the transition from here to there will be plain sailing," writes Chace. "I think we will probably need a new economy, and we haven’t even started sketching out what it might look like, nor how we might get there without massive social unrest."

"That is why I think we are heading towards an Economic Singularity, and we have work to do."

“Read The Economic Singularity if you want to think intelligently about the future.” says Aubrey de Grey.

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“It’s important that this book and others like it are written. Not because the future will necessarily happen exactly in the way described, but because it’s important to be prepared if it does,” endorses Stuart Armstrong, James Martin Research Fellow at the Future of Humanity Institute, Oxford University

Chace is a best-selling author of fiction and non-fiction books and articles, focusing on the subject of artificial intelligence. His books include Surviving AI, a non-fiction book about the promise and the challenges of AI, and 'Pandora's Brain', a techno-thriller about the first superintelligence.

Chace is a regular speaker on artificial intelligence and related technologies and runs a blog on the subject at He also serves as chairman and coach for growing companies. Before becoming a full-time writer, Calum had a 30-year career in journalism and business, in which he was a marketer, a strategy consultant and a CEO. He maintains his interest in business by serving as chairman and coach for a selection of growing companies. Calum studied philosophy at Oxford University, where he discovered that the science fiction he had been reading since boyhood was actually philosophy in fancy dress.

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