{"id":1912161,"date":"2023-04-09T12:28:22","date_gmt":"2023-04-09T16:28:22","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/analysts-predict-7-trillion-global-gdp-increase-from-ai-some-developers-urge-caution\/"},"modified":"2023-04-09T12:30:59","modified_gmt":"2023-04-09T16:30:59","slug":"analysts-predict-7-trillion-global-gdp-increase-from-ai-some-developers-urge-caution","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/analysts-predict-7-trillion-global-gdp-increase-from-ai-some-developers-urge-caution\/","title":{"rendered":"Analysts Predict $7 Trillion Global GDP Increase From AI; Some Developers Urge Caution"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fanalysts-predict-7-trillion-global-gdp-increase-from-ai-some-developers-urge-caution%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1912161&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div>\n<p>\u201cWe figured out how to make humans scale,\u201d tech CEO Emad Mostaque told attendees at the Goldman Sachs 2023 Disruptive Technology Symposium in London.<\/p>\n<p>He was referring to astounding progress in the field of generative artificial intelligence, seen most notably in the app ChatGPT4, which instantly produces research results presented in nearly flawless prose, good enough to fool a college entrance examiner.<\/p>\n<p>While some, including Mostaque, fear dystopian outcomes from the unbridled use of machine learning, others predict this new technology will increase global productivity on a massive scale.<\/p>\n<p>Emerging generative AI tools could drive a 7 percent rise in the world\u2019s gross domestic product (GDP) worth nearly $7 trillion, increasing worker productivity as much as 1.5 percent over a decade, according to Goldman Sachs Research (GSR).<\/p>\n<p>Yet the prospect of job elimination and wage reduction due to automation, among other possible ills, lingers, causing widespread mistrust of AI and prompting calls for a halt to its development.<\/p>\n<figure id=\"attachment_3761466\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2021\/04\/04\/facebook-data-centers-1200x800.jpg\"><\/a><figcaption><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2021\/04\/04\/facebook-data-centers-1200x800.jpg\"><\/a> A data center worker in Prineville, Ore., on Oct. 15, 2013. (Andy Tullis\/The Bulletin via AP)<\/figcaption><\/figure>\n<h2>Economic Potential<\/h2>\n<p>Many of the gains in productivity will come in the form of process and efficiency improvements for knowledge workers, according to researchers.<\/p>\n<p>\u201cGenerative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications,\u201d writes Kash Rangan, a software analyst at Goldman Sachs Research.<\/p>\n<p>This could accelerate the development of everything from the discovery of new drugs to the creation of software code.<\/p>\n<p>The report\u2019s authors envision particular value in AI in the sales industry, especially for software-as-a-service firms. By doing nearly instantaneous market research and creating sales copy that is virtually indistinguishable from human-generated content, AI applications can multiply the efforts of a sales team in upselling, cross-selling, and developing new customers.<\/p>\n<p>These gains in productivity could drive a market of some $150 billion for generative AI products according to GSR, an increase of 22 percent over the current global software industry.<\/p>\n<figure id=\"attachment_4883590\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/11\/24\/Elon-Musk-e1669286822359-1200x719.jpg\"><\/a><figcaption><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/11\/24\/Elon-Musk-e1669286822359-1200x719.jpg\"><\/a> Tesla CEO Elon Musk speaks at a gaming convention in Los Angeles, Calif., on June 13, 2019. (Mike Blake\/Reuters)<\/figcaption><\/figure>\n<h2>Caution Urged<\/h2>\n<p>Not everyone in the tech world is as enthusiastic about the potential of AI to better the human condition.<\/p>\n<p>Mostaque, founder and CEO of Stability AI, was joined by Elon Musk, Apple co-founder Steve Wozniak, and more than 17,000 others including engineers at Meta and Google in signing a letter calling on AI firms to immediately pause development for at least six months to evaluate risks posed by the technology.<\/p>\n<p>\u201cAI systems with human-competitive intelligence can pose profound risks to society and humanity, as shown by extensive research and acknowledged by top AI labs,\u201d the letter, released March 29, states.<\/p>\n<p>\u201cShould we develop nonhuman minds that might eventually outnumber, outsmart, obsolete, and replace us? Should we risk loss of control of our civilization?\u201d the letter asks.<\/p>\n<p>\u201cSuch decisions must not be delegated to unelected tech leaders. Powerful AI systems should be developed only once we are confident that their effects will be positive and their risks will be manageable.\u201d<\/p>\n<p>Mostaque, speaking at the March 2023 symposium in London, warned of unprecedented volatility in the marketplace.<\/p>\n<p><span>\u201cThis is a much bigger disruption than the pandemic,\u201d he told attendees, referring to the potential for AI to replace not only language writers but also code creators.<\/span><\/p>\n<p>\u201cThere\u2019s no programmers in five years,\u201d he said.<\/p>\n<p>Mostaque foresees similar machine replacement of human artists, teachers, and even physicians.<\/p>\n<p>\u201cI\u2019m not sure that any of us can cope with the speed. You know, frankly, it\u2019s terrifying,\u201d he said.<\/p>\n<h2>The Future of Work<\/h2>\n<p>Analysts at GSR sounded a more optimistic note about the future of employment, believing new jobs will always emerge to replace those that no longer must be performed by humans.<\/p>\n<p>\u201cDespite significant uncertainty around the potential for generative AI, its ability to generate content that is indistinguishable from human-created output and to break down communication barriers between humans and machines reflects a major advancement with potentially large macroeconomic effects,\u201d Joseph Briggs and Devesh Kodnani, economists at Goldman Sachs, wrote.<\/p>\n<p>They predict that AI could replace the work done by 300 million full-time employees, but insist that not all lost work will result in lost jobs.<\/p>\n<figure id=\"attachment_5130517\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/03\/17\/now_hiring_year2023-1200x843.jpg\"><\/a><figcaption><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/03\/17\/now_hiring_year2023-1200x843.jpg\"><\/a> A \u2018Now Hiring\u2019 sign is displayed outside a Jiffy Lube location in Los Angeles, Calif., on, on Feb. 2, 2023. (Photo by Mario Tama\/Getty Images)<\/figcaption><\/figure>\n<p>\u201cAlthough the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI,\u201d they wrote.<\/p>\n<p>The two cited a study by economist David Autor, which states that 60 percent of today\u2019s workers are employed in occupations that didn\u2019t exist in 1940. Thus, Briggs and Kodnani conclude, 85 percent of employment growth during that period was driven by new technology.<\/p>\n<p>Yet Autor\u2019s study also found that automation has worsened the economic position of workers over the past four decades.<\/p>\n<p>\u201cAmidst a technological ecosystem delivering rising productivity, and an economy generating plenty of jobs \u2026 we found a labor market in which the fruits are so unequally distributed, so skewed toward the top, that the majority of workers have tasted only a tiny morsel of a vast harvest,\u201d Autor wrote.<\/p>\n<p>The problem, according to Autor, is that job creation has flourished due to automation but wages have not grown at the same rate, which adds to the skepticism many feel over advancements in AI.<\/p>\n<p>\u201cWhere innovation fails to drive opportunity, however, it generates a palpable fear of the future: the suspicion that technological progress will make the country wealthier while threatening livelihoods of many,\u201d Autor wrote.<\/p>\n<p>\u201cThis fear exacts a high price: political and regional divisions, distrust of institutions, and mistrust of innovation itself.\u201d<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u201cWe figured out how to make humans scale,\u201d tech CEO Emad Mostaque told attendees at the Goldman Sachs 2023 Disruptive Technology Symposium in London. He was referring to astounding progress in the field of generative artificial intelligence, seen most notably in the app ChatGPT4, which instantly produces research results presented in nearly flawless prose, good<\/p>\n","protected":false},"author":1,"featured_media":1912162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[14505,4504,15867,16760,19583,5179,5476,12851,4927],"class_list":["post-1912161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-ai","tag-analysts","tag-caution","tag-developers","tag-gdp","tag-global","tag-increase","tag-predict","tag-urge"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1912161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1912161"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1912161\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1912162"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1912161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1912161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1912161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}