AI: Economists vs. Technologists

The debate surrounding the true impact of artificial intelligence continues to intensify, pitting optimistic technologists against more cautious economists. Technologists often highlight AI's potential to revolutionise industries and drive unprecedented economic growth. Conversely, economists point to the uncertainties and potential downsides, including job displacement and the concentration of wealth.

Economists like Daron Acemoglu suggest AI's economic effects may be more modest than hyped, forecasting only a small increase in GDP over the next decade. Acemoglu's research indicates that the benefits of technology aren't automatically shared and that proactive measures are needed to ensure AI improves the well-being of workers and society. The crucial question remains: will AI be used primarily for automation, potentially displacing workers, or will it be steered towards creating new tasks and enhancing human capabilities?

Ultimately, the path AI takes depends on societal choices. By strategically directing technological innovation, societies can harness AI to foster shared prosperity. This requires careful consideration of AI's potential harms and pitfalls, ensuring its benefits extend beyond a select few.