MIT Institute professor Daron Acemoglu and Greenwich Wealth Management CIO Vahan Janjigian delved into the impact and expectations surrounding Artificial Intelligence.
In a recent CNBC discussion on ‘The Exchange,’ Acemoglu questioned the overstated claims about its revolutionary potential despite the tremendous technological advances brought about by AI.
He underlined that although artificial intelligence would have an impact on many facets of society, such as economics and interpersonal relationships, the intricacy of many activities in the actual world is beyond the scope of AI at this time.
According to Acemoglu’s analysis, the immediate impact of AI is expected to be confined to less than 5% of the economy, mostly influencing ordinary office chores rather than broader societal shifts. This is especially true during the next ten years.
He pointed out that the possible future integration of robotics and AI is a crucial area for increasing productivity, but he cautioned that these developments are still in their infancy.
Acemoglu projected that in ten years, the developments in AI would result in a relatively small rise in GDP per capita, less than 1%. In contrast, AI-related equities like NVIDIA have had an enthusiastic response from the market, which is reminiscent of other digital revolutions like the internet boom.
Adding another dimension to the ongoing AI discourse, OpenAI’s Chief Technology Officer Mira Murati recently made a controversial statement regarding the impact of AI on creative jobs. Speaking at a talk show hosted at Dartmouth’s Thayer School of Engineering, Murati claimed that AI tools would result in some “creative” jobs disappearing, further suggesting that perhaps those jobs “shouldn’t have been there in the first place.” This sparked backlash on social media, with critics accusing OpenAI of undermining the value of creative professions.
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