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Only 5 percent of jobs can be replaced by AI. The economist warns: Investments will not meet expectations

2024-10-07 09:09:51Lifestyle SHKRUAR NGA REDAKSIA VOX

Only 5 percent of jobs can be replaced by AI. The economist warns: Investments

Economist and Massachusetts Institute of Technology professor Daron Acemoglu said all the excitement surrounding artificial intelligence is unnecessary and may not live up to high expectations.

He said that "a lot of money will be wasted and only 5% of jobs can be replaced or greatly helped by new technologies over the next decade." The professor emphasized that the economic benefits that companies hope for from artificial intelligence may not be realized, as "there cannot be an economic revolution from that 5%".

According to Acemoglu, there are three possible scenarios for the history of AI, and none are particularly good, he said. The most optimistic scenario is that enthusiasm for artificial intelligence gradually cools and some applications of the technology take hold.

In the second scenario, the frenzy builds for another year or so, leading to a crash in tech stocks that leaves investors, executives and students frustrated.

In another scenario, the AI ​​frenzy could last for many more years, leading to enterprises replacing human jobs with new technologies "without understanding what they're going to do with it." After that, companies will try to bring workers back when they eventually realize the technology doesn't work, he continued.

A combination of the second and third scenarios is most likely, according to Acemoglu, as "when enthusiasm intensifies, the fall is unlikely to be soft."

The economist said he's impressed by what big language models like ChatGPT can do, but they won't replace humans in the workplace for a very long time.

 

 


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