Narayan AmmachchiAn MIT professor is trying to put a stop to the hype storm still raging around AI.
According to a study by Daron Acemoglu, an Economics professor at MIT, it will be decades before AI actually achieves the levels of progress its most ardent evangelists claim it has reached.
Professor Acemoglu told CNBC that, while AI is proficient at automating routine tasks, future jobs will require complex problem-solving skills beyond the capabilities of current AI models.
He predicts that, even in the next decade, AI’s capabilities won’t change much from what they are today.
AI requires more quality data, a task that won’t be solved within this decade, professor Acemoglu argued.
AI has been incorporated into business operations all over the world, but that has yet to result in more affordable products, he added. The technology’s impact on operations is minimal, affecting less than 5% of job functions. Therefore, its contributions to overall GDP growth will remain limited.
“We’re a couple of years into this, and there’s not a single thing that this is being used for that’s cost-effective at this point,” Acemoglu said in a podcast with Goldman Sachs. “I think there’s an unbelievable misunderstanding of what the technology can do today. The problems that it can solve aren’t big problems. There is no cognitive reasoning in this.”
For AI to truly revolutionize the economy, it needs to offer reliable information to educators, healthcare professionals and skilled tradespeople like electricians and plumbers. Until then, the significant economic benefits many hope for will remain out of reach.
Add comment