Dr. Aytac Atac’s Post

How will #AI change the #economy: through vast job displacement or staggering productivity gains? Carlo Pizzinelli and Marina Mendes Tavares, both researchers at the International Monetary Fund, argue that we have to take account of the social, ethical and physical contexts within which human #labour will be affected. This means looking not only at levels of AI exposure but also, crucially, at measures of AI complementarity. LSE International Inequalities Institute

Why do over 50% of the population have a negative attitude towards AI? (Of course, it depends on how the question is asked, but many people hold this view). I believe one of the reasons is that people think the world is much worse off than it actually is. For example, 98% of the world's population answers the following question incorrectly: Has the number of people living below the poverty line increased or decreased in the last 20 years? 50% more 25% more The same 25% fewer 50% fewer I have created a video (link in the comments) based on Ray Kurzweil's new book The Singularity is Nearer. In the video, I go through data and facts that show how the world is actually developing. I believe it will surprise many. Towards the end of the video, I talk mostly about AI, but I think these "world facts" are important because they provide perspective on the direction in which the world is heading. I am positive about AI because the data shows how development and technology are making the world a better place. Perhaps many people fear AI and robots because they think the world is getting worse. One of the biggest causes of this distorted view of the world is, of course, our news media and news feeds, and I touch on that in the video as well. What do you think? Is the world getting better or worse? Link to video in the comments Lars Tvede Jacob Bock Axelsen Mohamed Alli Marcelo Salup Alex Brunori Adam Cavalié Engelhardt Carsten Berner Benjamin Ejlertsen

The potential economic impact of generative AI is a subject of substantial debate, with varying estimates on its effects on productivity and GDP growth. While some analysts predict significant economic benefits from AI's ability to automate tasks and enhance productivity, others, like MIT economist Daron Acemoglu, argue that these impacts may be more limited in the near term. Acemoglu suggests that AI's transformative potential is significant but that its primary contributions in the next decade will be limited to improving the efficiency of existing processes rather than creating new paradigms. This perspective underscores the importance of balancing AI's optimistic projections with a realistic understanding of its current technological capabilities and economic implications #RJxTP #AIEthics #TechPolicy #AlgorithmicBias #AIFuture #AIRegulation #ResponsibleAI #AITrends #AIBenefits Brandeis University The Heller School for Social Policy and Management at Brandeis University Goldman Sachs Massachusetts Institute of Technology

Top 10 takeaways from the Stanford Institute for Human-Centered Artificial Intelligence (HAI)'s #ai Index Report 2024. Strangely (at least for me), the environmental impact is not part of the takeaways, although the chapter on it (2.13 Environmental Impact of AI Systems) is very interesting. Just consider this figure below illustrating CO2 equivalent emissions. 1. AI beats humans on some tasks, but not on all. 2. #industry continues to dominate frontier AI research. 3. Frontier models get way more expensive. 4. The United States leads China, the EU, and the U.K. as the leading source of top AI models. 5. Robust and standardized evaluations for #llm responsibility are seriously lacking.  6. #generativeai investment skyrockets. 7. The data is in: AI makes workers more productive and leads to higher quality work. 8. #scientificprogress accelerates even further, thanks to AI. 9. The number of #airegulations in the United States sharply increases. 10. People across the globe are more cognizant of AI’s potential impact—and more nervous. Report link in the first comment.

Are People Ready for the Age of Artificial Intelligence? 🧠 AI is rapidly transforming the world, but the pertinent question still remains: Do people truly want it at this point in time? Such opinion not only came from the sceptics but rather from research that showed despite countries such as Singapore, Denmark, and the U.S. leading the AI Preparedness Index with scores over 0.75, it is not only about structures, investments or policies. It is about the people’s psychology: their willingness, hesitations and perception of AI as a tool that has the potential to set them free. In many regions, it is the fear of ambiguity that appears to be the obstacle for advancement. But what’s common in the best positioned societies is not simply hope but the willingness to educate, trust, and advocate how AI can aid in being beneficent for development, inspiration and efficacy. This civilization map should not simply be seen as a hierarchy; it is an indictment of our ability to adopt an AI driven future. It beckons policymakers, teachers and creators to think beyond borders of technology construction and focus on creating an AI positive society that celebrates AI as opposed to anxiety. AI Compass believes in a technology-first approach that is cohesive and dedicated to humankind. This means creating an ecosystem that can support people by way of knowledge and trust as the most effective way to harness AI for the greater good. 🌱 Let’s raise interest, build trust, and ultimately create a world where AI is not perceived as a challenge but rather as an advantage. Where is your country in the AI race? #AIRevolution #HumanCentricAI #AIEducation #FutureOfTechnology #AILeadership #DigitalTransformation #EmpowerThroughAI #TechForGood #Innovation #MindsetMatters #AIGrowth #AICompass Visual Credit: visualcapitalist, voronoiapp

Is AI the END of the Middle Class? 🌍 IMF Study on AI's Economic Impact: The International Monetary Fund released a paper on the potential economic consequences of generative AI, emphasizing the need for fiscal policies to manage wealth inequality. 🎤 Kai Fu Lee's Predictions: Years ago, AI expert Kai Fu Lee predicted significant shifts in the job market due to AI, with increased focus on service and arts, and potential global inequality if technological advancements are not synchronized. 🏢 Concentration of Wealth: Generative AI could lead to market concentration where dominant firms accumulate more wealth, making it difficult for smaller companies to compete due to high costs of AI development. 🏭 Impact on Jobs and Poverty: AI and robotization may displace workers, especially those at the lower end of the wage spectrum, potentially increasing poverty if proper social safety nets are not implemented. 💬 Jeffrey Hinton on AI Inequality: AI pioneer Jeffrey Hinton highlights that increased productivity from AI might benefit the wealthy more, exacerbating existing inequalities. 🏫 Need for Education and Policy Changes: The IMF study suggests that fundamental changes in education, training systems, and policy frameworks are necessary to mitigate the broader societal implications of AI. 💸 Taxing AI: The study discusses the challenges of implementing a special tax on generative AI and recommends reconsidering corporate tax systems to balance incentives and mitigate labor displacement. 🌱 Sustainable Development: Addressing carbon emissions from AI servers and ensuring sustainable development practices are crucial to reflect the environmental costs of AI technology. Like, share, follow #AI #MiddleClass #EconomicImpact #JobDisplacement #WealthInequality #IMFStudy #FutureOfWork #AITax #AIRegulation #TechPolicy

What does AI think about sustainability? 🌍 The UN has warned that progress towards many of its Sustainable Development Goals is "weak and insufficient". Worse still, progress has actually stalled or gone into reverse on 30 per cent of its targets. Could AI help to overcome some of the huge hurdles we face? Dr Isabel Fischer, from University of Warwick - Warwick Business School, explores whether AI can accurately reflect human perspectives and make trustworthy suggestions on sustainability. 👉 Link in the comments. #CoreInsights #WBS #research #sustainability #AI

Should AI turn out to bring about economic change akin to the industrial revolution, the consequences for humanity and society will be immense. We need to speed up the pace of at which we learn about AI’s consequences and impact on the economy at large, on labor markets, workers, and work life. The social sciences and humanities also need to engage in the ongoing development, implementation and policy of AI. I look at some interesting international research in this blog post: https://lnkd.in/dp4h2zCu

Power and Progress: AI's Impact on Society... Ever wondered if AI will be the next industrial revolution or just another tech fad? 🚀 Enter Daron Acemoglu and Simon Johnson's "Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity," a deep dive into how AI could shape our economic and social future📚... Acemoglu and Johnson write with the clarity of seasoned economists who know how to weave complex ideas into compelling narratives. Their engaging prose combines rigorous analysis with thought-provoking insights, making the book both informative and accessible. It’s like attending a fascinating lecture from two of the sharpest minds in economics 🎓💡... Why This Book Was Written: This book was crafted to examine the historical context and future potential of AI and digital technologies. The authors aim to show how we can steer AI development to ensure it benefits society as a whole, rather than just a privileged few🌟... Who This Book Addresses: Ideal for policymakers, business leaders, and anyone interested in the broader implications of AI on society. It’s also essential reading for those who want to understand the economic and political challenges posed by the rapid advancement of AI technologies📖... 3 Main Takeaways: AI and Economic Inequality: ⚖️ Acemoglu and Johnson explore how AI can exacerbate economic inequalities if left unchecked. They argue for policies that promote widespread benefits and prevent AI from concentrating wealth and power in the hands of a few... The Role of Human Agency: 🧑🤝🧑 Contrary to the belief that AI's trajectory is inevitable, the authors emphasize human agency in shaping technological progress. They advocate for active participation in guiding AI development to align with societal values and goals... Policy Recommendations: 📜 The book outlines specific policy measures, such as data ownership rights, tax reforms that favor employment, and support for diverse research directions, to ensure that AI contributes positively to society. It’s a call to action for proactive governance and ethical AI development... Reading this book is like getting a masterclass in the socio-economic implications of AI, equipped with the knowledge to navigate and influence the future of technology. 📘 So dive into Acemoglu and Johnson’s insightful analysis, and prepare to understand and shape the impact of AI on our world. 🌍 #aisociety #economicequality #techforgood

It is a part of the human nature to worry about the future. Some humans do well to prepare for it, some even attempt to influence or create the future to reflect their desires. Many simply get consumed by their fear - and they become victims. I think that when Olasupo F. and his team put together the AI town hall meeting, they wanted to help as many professionals and venture leaders convert their worry about the future of work and enterprise, into adequate preparedness for the future and the role that artificial intelligence will play in it. Personally, it was an honour to meet in-person, the very distinguished Professor Adegboyega Ojo, whose work I have studied, and to connect with Mamfe-ter (Fe) Jacklyn Gemade. Learning from their works and extensive research into the field of Artificial Intelligence at the town hall was definitely a very good investment of my time and ‘social-battery’. I think that the many worries about AI are valid, but also, I think that Professor Adegboyega Ojo and Mamfe-ter (Fe) Jacklyn Gemade did a very great job demystifying AI and the fear of it. F.E.A.R is False Evidence Appearing Real. And that goes for the fear of AI’s role in the future of work and enterprise too. #Jayenetworks #DigitalTransformation #ArtificialIntelligence