THE END OF THE INFORMATION ECONOMY

There is this phenomenon that's occurring with ChatGPT. You get on it, you enter a couple of queries, you play around with those queries, you modify those queries. And then if you're anything like me, you just go down this rabbit hole and you just push the capabilities of it. You just push it. So first you're like, write a high school essay about, you know, the great Gatsby or Grabs of Wrath. And you're like, cool, that was better than what I wrote in high school. So basically high school English is dead, so are we all going to be a literary. So then I asked it to write me a operating agreement for a decentralized autonomy or organization based in Wisconsin, consisting of five members with different voting rights and equity positions. And it does it and I'm a lawyer and I'm looking at this and I'm thinking, okay, so a lot of lawyers are going to lose their jobs. Then I asked to write an episode of Scienfield where George becomes a general manager of the Yankees and it did it. And it was pretty funny. So then my wife walks by and we've got this Christmas party coming up and she says, can you find me a recipe for a keto eggnog cheesecake? It's got to be sugar-free. So instead of going to Pinterest, I ask it and it gives it to me. Then there's a startup that helping out with on the side and the code is a little bit outdated so I asked it to rewrite some of that code and it did it. So you do that. You do all of that and then all of a sudden this knowledge settles upon you and you understand that the world is forever changed. All that high school ank that I had and I think some other people have had where you're just like what is the future going to be like? What is the world? What's the real world like? What's it going to be? It all just kind of comes back. Once open AI has a clear path to the collective knowledge of all individuals in real time, which it is is getting through every single query, you recognize that there's no competitive advantage in any industry based on any piece of knowledge. The economics depend on individuals having skills and trades and knowledge that other individuals don't have or don't have access to or that if they wanted to, it would cost them more to go and obtain that knowledge or those trades or those skills. then it would to just pay someone to do the service for them. Let me tell you what I mean by that. So like it's 1999, if you know how to build a website and create like an e-commerce store, you can build a seven-figure business off of that. Maybe a eight-figure business off of that. And even in 2022, if you want to build a website for a baby boomer, you know, you can charge them 5 or 10 grand for that website because it's a form of arbitrage. So while it's amazing that we can draw on the collective knowledge of humanity to create anything out of thin air. seems like we will simultaneously destroy every industry that's based on knowledge work and by extension all markets for knowledge work implode? #Lawyers, #accountants, #marketers, #professors #designers #developers #journalists and dozens of other professions will be forced to integrate the very tools that or expertise. including maybe some creative developers as well. Maybe many creative developers. And that's the anks. The anks is that because the marginal cost of all value provided that's based on knowledge or expertise is going to go to zero. There's no economic value to any knowledge work. And there's also no gatekeeping of that knowledge. while this technology is amazing, it's also devastating.