An existential risk is a global catastrophic risk that threatens to exterminate humanity or severely curtail its potential. Existential risks are unique because current institutions have little incentive to mitigate them, except as a side effect of pursuing other goals. There is little to no financial return in mitigating existential risk. Bostrom (2001) argues that because reductions in existential risks are global public goods, they may be undervalued by the market. Also, because we have never confronted a major existential risk before, we have little to learn from, and little impetus to be afraid. For more information, see this reference.
There are three main categories of existential risk – threats from biotechnology, nanotechnology, and AI/robotics. Nuclear proliferation itself is not quite an existential risk, but widespread availability of nuclear weapons could greatly exacerbate future risks, providing a stepping stone into a post-nuclear arms race. We’ll look at that first, then go over the others.
Nuclear risk. The risk of nuclear proliferation is currently high. The United States is planning to spend $100 billion on developing new nuclear weapons, …