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Rot Economics with MIT's Daron Acemoglu
Jul 24, 2024
Daron Acemoglu, MIT economist, discusses the impact of tech on economics, generative AI's limitations, automation in customer service, future of AI, a rock and roll con, and social responsibility in tech companies.
33:08
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Quick takeaways
- Tech industry shift from hardware to software fuels diverse social impacts but hinders new idea implementation.
- Generative AI's potential for information tasks is hindered by rush automation, showcasing disconnect in technological use.
Deep dives
The Concept of Creative Destruction in Capitalist Growth
Creative destruction, popularized by Austrian economist Joseph Schumpeter, involves new firms taking market share from old ones and new technologies replacing old ones. This process is seen as essential for capitalist growth, but the direction of technological research in the tech industry has raised concerns. The focus on particular technologies has led to socially undesirable outcomes, resulting in growth without significant social benefits.
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