Ever since ChatGPT arrived in our midst, it has generated fear and euphoria in equal measure. Some believe that it is a harbinger of a glorious future where Artificial Intelligence (AI) and AI-driven machines will relieve the drudgery of our lives, boosting productivity and incomes. Others fear that AI-driven machines will replace human workers en masse, creating wealth for a small set of Big Tech firms.
To ensure that the benefits of the new automation technologies are not captured by a few, it is important for the rest of us to have a say on how such technologies are deployed and regulated, two influential American economists, Daron Acemoglu and Simon Johnson write in their new book Power and Progress: Our 1000Year Struggle Over Technology and Prosperity.
Most economists see technological disruption as a force for good. Even if the disruption leads to initial job losses, it eventually ends up creating many more new jobs, they believe. New technologies can boost the productivity levels of an average worker. This allows a firm to generate more output using the same resources as earlier, and with the same pool of workers. Higher revenues enable the firm to generate higher profits even while paying higher wages to employees. As workers spend more, the economy grows further, creating a new cycle of job creation.
Bu hikaye Hindustan Times dergisinin June 13, 2023 sayısından alınmıştır.
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Bu hikaye Hindustan Times dergisinin June 13, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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