First, a few words about me, as I’m new here.

I am a professor of economics at SGH Warsaw School of Economics, Poland. Years of studying the causes and mechanisms of long-run economic growth brought me to the topic of AI, arguably the most potent force of economic growth in the future. However, thanks in part to reading numerous excellent posts on Less Wrong, I soon came to understand that this future growth will most likely no longer benefit humanity. That is why I am now switching to the topic of AI existential risk, viewing it from the macroeconomist’s perspective.

The purpose of this post is to point your attention to a recent paper of mine that you may find relevant.

In the paper Hardware and software: A new perspective on the past and future of economic growth, written jointly with Julia Jabłońska and Aleksandra Parteka, we put forward a new hardware-software framework, helpful for understanding how AI, and transformative AI in particular, may impact the world economy in the coming years. A new framework like this was needed, among other reasons, because existing macroeconomic frameworks could not reconcile past growth experience with the approaching perspective of full automation of all essential production and R&D tasks through transformative AI.

The key premise of the hardware-software framework is that in any conceivable technological process, output is generated through purposefully initiated physical action. In other words, producing output requires both some physical action and some code, a set of instructions describing and purposefully initiating the action. Therefore, at the highest level of aggregation the two essential and complementary factors of production are physical hardware ( “brawn”), performing the action, and disembodied software (“brains”), providing information on what should be done and how.

This basic observation has profound consequences. It underscores that the fundamental complementarity between factors of production, derived from first principles of physics, is cross cutting the conventional divide between capital and labor. From the physical perspective, it matters whether it's energy or information, not if it's human or machine.

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For any task at hand, physical capital and human physical labor are fundamentally substitutable inputs, contributing to hardware: they are both means of performing physical a...

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