So AI Is — Maybe, Just Maybe — Not the Economic Big Kahuna?
June 3, 2024
This essay is the work of a dinobaby. Unlike some folks, no smart software improved my native ineptness.
I find it amusing how AI has become the go-to marketing word. I suppose if I were desperate, lacking an income, unsure about what will sell, and a follow-the-hyperbole-type person I would shout, “AI.” Instead I vocalize, “Ai-Yai-Ai” emulating the tones of a Central American death whistle. Yep, “Ai-Yai-AI.”
Thanks, MSFT Copilot. A harbinger? Good enough.
I read “MIT Professor Hoses Down Predictions AI Will Put a Rocket under the Economy.” I won’t comment upon the fog of distrust which I discern around Big Name Universities, nor will I focus my adjustable Walgreen’s spectacles on MIT’s fancy dancing with the quite interesting and decidedly non-academic Jeffrey Epstein. Nope. Forget those two factoids.
The write up reports:
…Daron Acemoglu, professor of economics at Massachusetts Institute of Technology, argues that predictions AI will improve productivity and boost wages in a “blue-collar bonanza” are overly optimistic.
The good professor is rowing against the marketing current. According to the article, the good professor identifies some wild and crazy forecasts. One of these is from an investment bank whose clients are unlikely to be what some one percenters perceive as non-masters of the universe.
That’s interesting. But it pales in comparison to the information in “Few People Are Using ChatGPT and Other AI Tools Regularly, Study Suggests.” (I love suggestive studies!) That write up reports about a study involving Thomson Reuters, the “trust” outfit:
Carried out by the Reuters Institute and Oxford University and involving 6,000 respondents from the U.S., U.K., France, Denmark, Japan, and Argentina, the researchers found that OpenAI’s ChatGPT is by far the most widely used generative-AI tool and is two or three times more widespread than the next most widely used products — Google Gemini and Microsoft Copilot. But despite all the hype surrounding generative AI over the last 18 months, only 1% of those surveyed are using ChatGPT on a daily basis in Japan, 2% in France and the UK, and 7% in the U.S. The study also found that between 19% and 30% of the respondents haven’t even heard of any of the most popular generative AI tools, and while many of those surveyed have tried using at least one generative-AI product, only a very small minority are, at the current time, regular users deploying them for a variety of tasks.
My hunch is that these contrarians want clicks. Well, the tactic worked for me. However, how many of those in AI-Land will take note? My thought is that these anti-AI findings are likely to be ignored until some of the Big Money folks lose their cash. Then the voices of negativity will be heard.
Several observations:
- The economics of AI seem similar to some early online ventures like Pets.com, not “all” mind you, just some
- Expertise in AI may not guarantee a job at a high-flying techno-feudalist outfit
- The difficulties Google appears to be having suggest that the road to AI-Land on the information superhighway may have some potholes. (If Google cannot pull AI off, how can Bob’s Trucking Company armed with Microsoft Word with Copilot?)
Net net: It will be interesting to monitor the frequency of “AI balloon deflating” analyses.
Stephen E Arnold, June 3, 2024
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