A Nobel laureate on the economics of artificial intelligence
1 min read
Summary
According to Institute Professor and Nobel Prize winner Daron Acemoglu, AI will increase GDP by 1.1% to 1.6% in the next decade, whereas others have forecast increases of up to 3%.
Acemoglu’s estimate is based on the proportion of jobs likely to be replaced by AI, which he believes to be around 5%.
While office jobs involving data summation, visual matching and pattern recognition are likely to be affected, jobs that require “expertise and information” to support human workers are not, he believes.
Acemoglu is concerned that AI companies are focused on automation over supporting and enhancing human work, and that AI should be adopted more slowly to allow complementary technologies to emerge.
He feels that the current hype surrounding AI is leading to poorly considered investment in the technology.