AI and Humans, Rethinking the Economics of Time

Recently, I had the privilege of participating in lunch session hosted by The British Swiss Chamber of Commerce. Diverse leaders and experts from various sectors gathered to discuss a topic that is reshaping our world: Artificial Intelligence (AI) and its impact on the workforce.

AI has become an integral part of our lives, and, with near certainty, we can assert that no industry, company, or individual remains untouched by its influence. From creating new industries, to revolutionizing existing ones or simply by helping parts of the value chain by automating tasks and enhancing decision-making, AI’s reach is broad.

We see a surge of AI-driven concepts and products that enhance efficiency, simplify procedures, and speed up analysis. These innovations give us valuable time for innovation, recreation, and self-development. AI-powered personal assistants manage our schedules, recommend content, and even anticipate our needs. Mental health apps and medical devices use AI to help with our well-being. These advancements are nothing short of fantastic, fueling my excitement for the future.

But as it promises us more time and flexibility, it also poses problems for our current economic model. Our society has long operated on the premise that time is money. We sell our labor, expertise, and services in exchange for money. Companies also at AI and automation to produce better and cheaper products for the customers that need it. Typically, the aim in a global market is to boost this economic output by selling more or at higher prices and with better margins. In my view, there’s nothing fundamentally wrong with these intentions and we have benefited from it, one way or another.

How do we redefine our economic value beyond mere hours spent on activities we can sell? Will our time still be worth money?

I certainly believe so. Humans have shown again and again, their resilience, we’re the living proof of adaptation and growth. While AI excels at optimization, our curiosity, creativity, and innovation remain unparalleled – we are the creators of AI.

It can be a catalyst for a positive change as it can complement areas we don’t like or can’t do as well and I think AI, as other tools did in the past, will fuel our growth and a future where our time, redefined and enriched, continues to be invaluable.

Looking ahead, I eagerly anticipate witnessing the transformative years that lie before us.