Is AI Overhyped? MIT Economist Says Yes, Limited Benefits

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An award-winning economist has denounced overinvestment in AI, warning that overvaluing machines and undervaluing humans could be a big mistake.

on tuesday Interview with NPRMIT economist Daron Acemoglu explained that he doesn’t think AI will revolutionize the economy over the next decade.

“That is, unless many companies overinvest in generative AI and then regret it,” he said.

Acemoglu said: Winner John McCain, winner of the 2019 Global Economic Prize, believes that the impact of AI has been “overstated” and that AI cannot perform many tasks outside the office. Even in the office, he says, AI cannot fully replace humans because it makes mistakes and relies heavily on training data that may be copyrighted.

Related: How much does it cost to develop and train AI? According to the CEO of an $18B AI startup, here’s what it currently costs:

Acemoglu writes: April Paper He measured the long-term impact of AI on the economy, concluding that fewer than 5% of human jobs will be affected by AI, and that AI will have a “negligible” impact on GDP over the next decade.

“What we want is reliable information that will be useful to educators, medical professionals, electricians, plumbers, and other tradespeople,” the paper reads, but the question remains whether ChatGPT will ever need to “write Shakespeare’s sonnets” as it does now.

The accuracy of AI has been repeatedly called into question, Google’s AI brief made major errors within a month of its release, and New York City’s $600,000 AI chatbot was found to be giving inaccurate advice to business owners.

^{Daron Acemoglu. Photo by Frank Molter/Picture Alliance via Getty Images}

Acemoglu told NPR that he uses his own books and academic papers to train the AI, even though the AI ​​companies don’t allow it. Out of curiosity, he summarized his own work with AI, saying it was “not terrible,” but that a human podcast host could do better.

“Many people in the industry don’t realize how versatile, talented and multifaceted human skills and capabilities are,” Acemoglu says, “and once they do, they tend to overvalue machines and undervalue humans.”

Related: Microsoft AI CEO says nearly all content on the internet will be used for AI training