Nobel laureate warns of dangers of artificial intelligence

(Patria) - This year's Nobel laureate in economics warned that artificial intelligence (AI) offers "incredible opportunities", but should be regulated due to its potential to destroy jobs, AFP reported.

The statements by Canadian Peter Howitt, professor emeritus at Brown University in the United States, came amid growing concerns about how artificial intelligence will affect society and the labor market.

California Governor Gavin Newsom yesterday signed the first law of its kind regulating
interactions with AI chatbots, defying pressure from the White House to leave the technology
uncontrolled.

Howitt was one of three economists honored by the Royal Swedish Academy of Sciences on Monday for their work on how technology drives and affects growth. His research with fellow laureate Philippe Aghion of France focused on the theory of "creative destruction" in which a new and better product enters the market, and companies selling older products lose out.

Howitt told a press conference that it remains to be seen who will lead in artificial intelligence and that "we don't know what the effects of creative destruction will be".

"Obviously, it is a fantastic technology that has incredible opportunities. And it also obviously has an incredible potential to destroy other jobs or replace a highly skilled workforce. All I can say is that this is a conflict. It will have to be regulated," he said.

"Private incentives in an unregulated market will not really solve this conflict in a way that
is best for society, and we don't know what will come of it."

Howitt (79) said it was a "great moment in human history" and compared it to past periods of technological innovation, including the telecommunications boom of the 1990s and the dawn of electricity and steam power.

He said all these innovations showed how technology can improve, not just replace, the workforce.

"How will we do it this time? I wish I had concrete answers, but I don't."

Howitt said that when he and Aghion first wrote their seminal paper on creative destruction in 1992, it took them five years to publish it, but that his colleague knew they were onto something special.

"From the very beginning, from our first research, I remember back in 1987, Philippe said we would win the Nobel Prize for this. I said: 'Of course, of course, of course'," Howitt recalled.

"He said: 'Our time will come. Our time will come', okay, and now it has come. Incredible."