AI Can Do Only 5% of Jobs, Says MIT Economist Daron Acemoglu, Who Fears AI Stock Crash
Australian Financial Review
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Details
- Date Published
- 3 Oct 2024
- Priority Score
- 2
- Australian
- No
- Created
- 8 Mar 2025, 01:04 pm
Description
Daron Acemoglu doesn’t see how artificial intelligence lives up to all the hype. “You’re not going to get an economic revolution,” he says.
Summary
MIT economist Daron Acemoglu expresses skepticism over the overwhelming hype surrounding AI, suggesting that the technology is capable of performing only 5% of all jobs. Acemoglu warns that the current investment boom, notably seen in tech stocks like Nvidia, could lead to a market crash. This perspective contributes to the discourse around the potential economic instability linked to AI advancements, raising questions about the broader implications of AI-driven economic transformations. However, the article does not delve deeply into existential risks or specific policy measures addressing such risks, focusing instead on economic impacts.
Body
WorldNorth AmericaAIPrint articleJeran WittensteinOct 3, 2024 – 8.28amSaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginSan Francisco| Daron Acemoglu wants to make clear right away that he has nothing againstartificial intelligence. He gets the potential. “I’m not an AI pessimist,” he declares seconds into an interview.What makes Professor Acemoglu, a renowned professor at Massachusetts Institute of Technology, come off as a doomsayer locked in on the mounting economic and financial perils ahead is the unrelenting hype about the technology and the way it is fuelling an investment boom and furious tech stock rally.Loading...BloombergSaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginFollow the topics, people and companies that matter to you.Find out moreRead MoreAILeadership lessonsFuture of WorkInvestingSharemarketNvidiaFetching latest articlesOlympic weightlifting is hard. This boss uses the 1pc rule to get it doneLucy DeanOut-of-control watch price rises give housing a run for its moneyKnow your craft: How the biggest airlines rate at the pointy endJun Bei Liu: How I learnt to speak upSally Patten and Lap PhanThe four actor ‘tricks’ giving executives more confidence‘We’ll fight’: Alex Waislitz on family battles and bad betsA last-chance tote bag and a groovy case for trumpetersEugenie KellyThis machine can bring out the creative streak you never knew you hadThis data-driven wellness retreat is a haven for high-flyersBillionaire Nicola Forrest appoints UBank boss to run family officePrimrose RiordanVictor Smorgon’s star fundie eyes 50pc returns for new fundForrest family powerbroker had alleged role in big Fortescue decisions