Source: Fortune
Summary
According to a Pew survey, only 16% of Americans believe AI will have a positive impact on society in the next 20 years, while 40% expect the opposite. Nobel economist Robert Shiller warns that the fear of AI taking jobs could become a self-fulfilling prophecy. He argues that narratives and stories people tell each other about the economy can misprice risk and lead to negative expectations. Shiller points out that similar fears have been present in the past, such as during the Luddite revolt and the “Automation Recession” of 1957-58.
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The numbers tell one story.
Shiller’s concerns about the AI “apocalypse” narrative are echoed by the fact that 70% of Americans expect AI to leave fewer jobs for people. However, the Yale Budget Lab has found no significant change in the occupational mix among jobs most exposed to AI since ChatGPT launched. Shiller criticizes leaders in the AI buildout, such as Anthropic’s Dario Amodei and Microsoft AI chief Mustafa Suleyman, for promoting negative narratives. He suggests that leadership, such as President Franklin Roosevelt’s fireside chats, can help shape public perception and mitigate the negative impact of these narratives.
As Shiller notes, “There’s only so much Washington can do about these narratives.” The real challenge lies in appealing to the leaders of Silicon Valley to change their narrative.
Author: Evan Null
