Renowned economist Mohamed El-Erian is excited about artificial intelligence - but warned that overconsumption of the technology can lead to chaos. on Tuesday, the former PIMCO chief said AI is more of an"equalizer" given its low barrier of entry, which could be highly beneficial for low-income groups and developing economies. But there are also risks that come along with such easy accessibility.
"Like every innovation, you get two reactions. The first reaction is you get a balance of excitement and anxiety. Excitement at what this technology allows, and generative AI allows a lot of customization in education, but also fear as to what it enables," El-Erian said, adding that the onset of a calculator sparked concern that people would lose the ability of mental arithmetic.
"By reducing a barrier to entry, which AI does in a very powerful manner, people overproduce it and overconsume it," he added. "But I'm generally excited. I'm excited because AI is an equalizer more than it is an un-equalizer. It can provide a lot more opportunity for people, both the lower income groups within the western economy, but especially those in developing countries," El-Erian said. AI has seen much hype since the successful debut of OpenAI's ChatGPT.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Fed is about to make a big mistake, Mohamed El-Erian warnsThe Fed will be making a big mistake if it skips a rate hike this week, top economist Mohamed El-Erian warns
Source: BusinessInsider - 🏆 729. / 51 Read more »