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Richard Pinch's avatar

Up to a point. This is all on the assumption that nothing else in the market changes. But if LLMs can produce whatever it is they produce (more on that in a moment) at a cost significantly below the cost of producing it today by human labour, then demand for that product will increase. Whether that leads to an increase in overall production, or productivity gains is of course a different matter.

So what is that product? I maintain that it is words: not meaningful or useful content, just verbiage. Indeed, it's arguable that the failure to realise the productivity gains expected over the past couple of decades is due to the increasing demand for verbiage: that is, a significant proportion of the white collar class is employed in producing and consuming verbiage with little to no effect whatsoever on the production of economic goods.

As an example: the Lower Thames Crossing has required 2,000 documents, 360,000 pages, about 100 million words: costing £267 million to produce before permission could be obtained to start work. What will happen when the cost of producing and consuming such documents falls by a factor of a million? Will we see the cost of producing the planning documents for the next such project fall to £267? Or will the total amount of verbiage produced rise to 100 trillion words? My guess is that the latter will be closer to the truth.

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