TMTPOST--ArtificialIntelligence(AI)hasthepotentialtoenhancehumancapabilities,reducedisparitieswithinandbetweennations,,ifcontroloverAIisconcentratedinthehandsofafew,weriskcreatingasocietyevenmorepolarized,wheretheelitebenefitwhilethemajorityareleftbehind,saidSimonJohnson,a2024Nobellaureateineconomics,aprofessorattheMITSloanSchoolofManagement,andaformerchiefeconomistattheInternationalMonetaryFund,onSaturdayatthe2024T-EDGEConferenceandTMTPostAnnualEconomicMeeting.

“Whatwedevelopintermsofthetechnology,whatbecomesavailable,what'sofferedtopeople,hassomereinforcingfeature,particularlybecausewe'retalkingaboutmachinelearning,h,”heshared.

Th,theoutcomescouldgoeitherway.

,thetechnologyisbe',andthedirectionwetakewilldeterminewhetherAIservestobridgethegaporwidenit,heexplained.

InhisbookPowerandProgress,andinrecentspeeches,Johnsonemphasizesacrucialpoint:,theycanexacerb,withearlytechnologicalrevolutions,suchastheBritishIndustrialRevolution,servingasacautionarytale.

Duringthelate18thandearly19thcenturies,industrializationinBritaindramaticallyincreasedproductivity,ans,,th'tuntilbroaderindustrialization,includingthedevelopmentofrailways,,requiringexpertise,andwagesbegantoriseforskilledworkers.

ThishistoricalparallelunderscorestheneedforsocietytoharnessAIinawaythatcreatesnew,thandinclusivity,ensuringthatthemarketcompensatesindividualsfortheircontributions,Johnsonnoted.

Governments,particularlyinhigh-incomecountries,'spotentialisitsabilitytofacilitatethecreationofinclusiveinstitutions—,ensuringthatAIbenefitsarespreadacrosssociety.

Thechallenge,however,isthatAI’scurrentapplicationsareoftrivenbyprofitmotives,,oftenthroughemotionallychargedcontent,,thesetechnologiescanpolarizeindividualsandexacerbatesocietaldivides.

Tocreateamoreinclusivefuture,governmentsmustnotuntriesspecifytheirneedsforAIapplications,whetherinagriculture,transportation,sinawaythatbenefitseveryone,ratherthanjustthewealthiestmarkets.

,th,forexample,theriseofdriverles,incountrieswithhighlaborcosts,suchasJapan,theadoptionofAIisseenasawaytosupplementtheworkforce,particularlyinindustriesthatrelyonolderpopulations.

However,,AIcouldleadtogreaterproductiv,wherelabormarketsaremoredepentonmanuallabor,,thesecountriesmayfacesignificanteconomicshocks.

Thekeytonavigatingthesechallengesliesincr,countriescanensurethatAIisdeployedinwaysthatbenefitall,ratherthanjustaselectfew.

ThekeyistoapproachthedevelopmentanddeploymentofAIwithaclearvision:onethatfosterscollaboration,innovation,,ratherthanjustthefew,wecancrjourney.

Asthenextelectioncycleapproaches,politiciansarereportedlyreceivingsignificantfundingfromcryptocurrencysupporters,,analystsanticipateawaveofchangesincryptocurrencyregulation,whichcouldleadtoaperiodofunrestrainedgrowthfollowedbya"nastybust."

"Governancematters,andweakgovernancealwaysleadstotrouble,",historyshowsthatderegulationoftenbringsfinancialdisasters,aswesawinthe1920sand2008.

Johnsondrewparallelstothe1929stockmarketcrash,pointingoutthatfinancialexcessanduncheckedderegulationcandamagetherealeconomy."Lookwhathappenedin2008,"hesaid."Wemaywellbeheadingintoanothercrazycredit-driven,,verycareful."

JohnsonalsotouchedonBitcoinandgovernmentinvolvementinthecryptocurrencymarket."OnBitcoinperse,thegovernmentdoesownanddoesacquireaquarterofBitcoin,ofcourse,throughitslawenforcementactivities,"henoted."ButcreatingastrategicreserveofBitcoinisnotasensiblepolicy."

Despitethis,urgeofquestionablefinancialschemes,echoingpastperiodsofeconomicinstability.

'sviewsonderegulation,hepointedoutthatTrumpislikelytoadvocateforred,butitoftensbadly,hecautioned.