Luis Garicano on the Economics of Artificial Intelligence

I don't think they can fix their two pieces of of terrible software in 18 months. We all hate outlook. And now the good fight with Yasha Monk. What is the impact of artificial intelligence going to be on the economy? Is it going to lead to huge economic growth or to mass unemployment?

Is it going to transform the world or turn out to be a hype that doesn't change the world nearly as much as some people are predicting? To help answer this question or this set of questions, I have invited onto the podcast a really interesting economist and politician. Luis Garricano is a professor at the London School of Economics. He was also previously a member of the European Parliament, in which he was the vice president of the Alliance of Liberals and Democrats for Europe. We talked about why it is where we should believe that AI is making a lot of technological progress and continue to make a lot of progress, where people who checked out two years ago or three years ago are probably not fully aware of the extent

to which artificial intelligence can now carry out a tremendous range of tasks that are key to the knowledge economy. We also talked about the title of Lewis's upcoming book, Messy Jobs, about why it is that the fact that AI can accomplish a lot of tasks doesn't necessarily mean that it can do all of the jobs which traditionally have carried out those tasks. We try to understand what the impact is if a new technology makes products a lot cheaper and means that a lot fewer humans are necessary in that sector, as was the case with agriculture. in the past.

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