So here’s a question: When we have AGI, what happens to the price of chips, electricity, and teleoperated robots?
As measured in what units?
The price of one individual chip of given specs, as a fraction of the net value that can be generated by using that chip to do things that ambitious human adults do: What Principle A cares about, goes up until the marginal cost and value are equal
The price of one individual chip of given specs, as a fraction of the entire economy: What principle B cares about, goes down as the number of chips manufactured increases
The price of one individual chip of given specs, relative to some other price such as nominal US dollars, inflation-adjusted US dollars, metric tons of rice, or 2000 square foot single-family homes in Berkeley: ¯\_(ツ)_/¯, depends on lots of particulars, not sure that any high-level economic principles say anything specific here
These only contradict each other if you assume that “the value that can be generated by one ambitious adult human divided by the total size of the economy” is a roughly constant value.
As measured in what units?
The price of one individual chip of given specs, as a fraction of the net value that can be generated by using that chip to do things that ambitious human adults do: What Principle A cares about, goes up until the marginal cost and value are equal
The price of one individual chip of given specs, as a fraction of the entire economy: What principle B cares about, goes down as the number of chips manufactured increases
The price of one individual chip of given specs, relative to some other price such as nominal US dollars, inflation-adjusted US dollars, metric tons of rice, or 2000 square foot single-family homes in Berkeley: ¯\_(ツ)_/¯, depends on lots of particulars, not sure that any high-level economic principles say anything specific here
These only contradict each other if you assume that “the value that can be generated by one ambitious adult human divided by the total size of the economy” is a roughly constant value.