How Will AI Impact Our Country’s GDP? Experts Can’t Agree.
To paraphrase a quote from the entrepreneur Pieter Levels, there are currently two types of people: those who are afraid of AI and those who are getting rich from AI.
Like much of the population, economists fall into two similar camps when it comes to AI. Some economists believe that AI is overstated and will not replace human labor. Other economists believe that AI will lead to a productivity boom, boosting global economies through advancements in efficiency and technology.
Let’s start with the AI doubters first. Why do they think AI won’t improve the economy?
Here’s an interesting perspective from a Business Insider article:
In a new National Bureau of Economic Research study, MIT economist Daron Acemoglu projects just mild economic upside in the US, stemming from AI advancement.
“My calculations suggest that the GDP boost within the next 10 years should also be modest, in the range of 0.93%-1.16% over 10 years in total,” Acemoglu wrote. “Presuming that the technology prompts an investment boom, this forecast could rise to a range of 1.4%-1.56% in total.”
Why is Acemoglu so bearish on AI? He thinks most analysts are only focusing on gains that AI will provide in “easy” industries or for “easy” tasks. AI will not make…
