00:00 AI has been in the conversation a lot recently, with many wondering whether or not artificial
00:04 intelligence is going to take their jobs.
00:07 Now experts say we might be able to predict whether or not AI will be a boon or a bad
00:11 thing for our economy simply by looking back at history.
00:15 This is Simon Johnson, professor of global economics and management at MIT.
00:20 According to him, each historical technological advancement is different, and the way it affects
00:24 jobs and opportunities for companies and the economy are different as well.
00:28 However, he says often inequality follows large technological advancements.
00:33 AI definitely has the potential to increase inequality.
00:38 It may benefit other people also, but that could also take a really long time.
00:41 So a lot of times technological transformations eventually do help a lot of people, but eventually
00:45 might be a hundred years or even more.
00:48 Johnson adds that the better question is how quickly can the boon of AI be distributed
00:52 for the betterment of everyone, not just those at the top.
00:55 This has been part of the conversation for a while.
00:57 With robots taking human jobs, there's been a quiet push for a universal basic income,
01:02 a notion that has yet to get much traction.
01:04 But Johnson says AI is different, if for no other reason than it's changing the world
01:08 so quickly, becoming a mainstay in weeks rather than decades.
01:11 Like for instance, something like electricity.
01:13 But does that mean it will help the masses more quickly as well?
01:16 That's still unclear.
01:17 What Johnson says is more clear are the more immediate negative effects of AI.
01:22 Well, I think a certain amount of fear is justified.
01:25 I don't think we're facing the robot apocalypse, the Terminator scenario.
01:28 And I think the job loss is actually, if anything, more serious in potential impact than many
01:33 people at the top of policy in the UK, US and elsewhere are considering right now.
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