In this responsible AI series, we pose a number of topical issues and challenges to ChatGPT to gain insights about its knowledge base and see what we can learn from its “intelligence”. Our intent is neither endorsement nor criticism, but to share understanding of a soon to be indispensable technology.
Here is the latter part of the conversation with AI:
CBV360:
What will be the cost of eliminating global poverty?
AI:
Estimating the exact cost to eliminate all poverty in the world is challenging, as it depends on various factors such as the definition of poverty, the timeframe for eradication, the specific strategies employed, and the prevailing economic conditions. Poverty is a complex and multidimensional issue that requires a comprehensive approach involving multiple sectors and interventions.
However, some organizations and studies have provided rough estimates and frameworks to understand the scale of investment required. For instance, the United Nations estimated that achieving the Sustainable Development Goals (SDGs), which include eradicating poverty, would require an annual investment of around $3 trillion to $5 trillion globally.
In 2015, the World Bank estimated that it would take an investment of approximately $1.25 per day per person (equivalent to $456.25 per year) to eradicate extreme poverty, defined as living on less than $1.90 per day. This calculation was based on lifting approximately 702 million people out of extreme poverty at the time.
It’s important to note that these estimates are subject to considerable variation and depend on several assumptions. Additionally, the costs can change over time due to economic fluctuations, population growth, and evolving circumstances.
Eliminating poverty globally would require a concerted effort from governments, international organizations, and the private sector. It would involve investments in areas such as education, healthcare, social safety nets, infrastructure development, job creation, and sustainable economic growth. Additionally, addressing systemic issues such as inequality, discrimination, and governance challenges would be essential.
While the cost of eliminating poverty is substantial, it’s crucial to recognize that investing in poverty eradication has significant long-term benefits, including social stability, economic growth, improved quality of life, and the fulfillment of human rights.
It is worth noting that while complete eradication of poverty may be an ambitious goal, substantial progress has been made over the years. Many countries have successfully reduced poverty rates through targeted policies, international collaboration, and sustainable development efforts.
Conversation Summary
It is interesting that ChatGPT not only provides a very sound response to our question, but also includes a compelling justification for why doing so makes sense, “investing in poverty eradication has significant long-term benefits, including social stability, economic growth, improved quality of life, and the fulfillment of human rights.” Being AI, it does not have a conscious understanding of “quality of life” or “human rights”, but its algorithms allow it to make the connections, so kudos to its developers for that!