No Evidence AI Will Raise Wages, Says MIT Professor

As a researcher with a background in technology and economics, I find the ongoing discourse surrounding Artificial Intelligence (AI) both intriguing and thought-provoking. In this particular conversation between MIT Institute professor Daron Acemoglu and Greenwich Wealth Management CIO Vahan Janjigian on CNBC’s “The Exchange,” I was struck by Professor Acemoglu’s measured perspective on AI’s potential impact.

MIT Professor Daron Acemolgu and Vahan Janjigian, Chief Investment Officer at Greenwich Wealth Management, explored the implications and predictions related to Artificial Intelligence.

During a talk on CNBC’s “The Exchange,” economics professor Daron Acemoglu expressed skepticism about the exaggerated assertions regarding AI’s transformative power, despite the significant technological strides it has achieved.

As a researcher examining the role of artificial intelligence (AI) in various aspects of society, I cannot overlook the significant influence it will have on areas like economics and interpersonal relationships. However, I must emphasize that the complexities and intricacies of many real-world activities surpass the current capabilities of AI systems.

Based on Acemoglu’s assessment, only a minimal portion of the economy, roughly less than 5%, will be directly affected by AI in the initial stages. The primary influence is anticipated to be felt in routine office tasks rather than encompassing broader societal transformations during the upcoming decade.

The speaker highlighted the significance of combining robotics and artificial intelligence in the future for enhancing productivity. However, he issued a warning that these innovations are currently in their early stages.

Acedemoglu predicted that advancements in artificial intelligence would only lead to a modest increase in GDP per capita within the next decade, amounting to less than 1%. Conversely, stocks related to AI technology, such as NVIDIA, have elicited significant excitement among investors, mirroring the market behavior during prior digital transformations, like the internet boom.

At a recent talk show held at Dartmouth’s Thayer School of Engineering, OpenAI’s CTO Mira Murati caused controversy by sharing her perspective on AI’s influence on creative employment. Murati asserted that certain “creative” jobs might vanish due to the use of advanced AI tools, going so far as to question whether some of these positions held value in the first place. This comment led to a wave of criticism on social media, with many objecting to OpenAI’s perceived devaluation of creative careers.

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2024-07-02 23:01