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FOX Business host Charles Payne discusses the market shift driven by artificial intelligence on Making Money.<\/p>\n
A Nobel Prize-winning economist has warned that persistent predictions of artificial intelligence destroying the job market could become a self-fulfilling prophecy.<\/p>\n
Robert Shiller, who shared the 2013 Nobel Prize in economics for his work on asset prices, wrote a guest essay on Monday in The New York Times that argued the panic over AI is not a new sociological phenomenon.<\/p>\n
In fact, he wrote, humans have been worried that new technology could replace them since the days of Aristotle, who envisioned a self-powered loom and a lyre that could play music without someone plucking the strings.<\/p>\n
And in the 19th century, a group of English textile workers \u2014 who later became known as Luddites \u2014 intentionally destroyed machines they believed would put them out of a job.<\/p>\n
ROBERT SHILLER: PEOPLE AREN’T AS IMPRESSED BY HOMES ANYMORE<\/p>\n
Professor Robert J. Shiller wins Nobel Prize in economic sciences during an awards ceremony on Dec. 10, 2013, in Stockholm, Sweden. (Pascal Le Segretain \/ Getty Images)<\/p>\n
Shiller fears that similar anxieties inherent within us are rearing their head once again.<\/p>\n
He cited a Quinnipiac poll from March, which found that 70% of people believe AI will reduce the number of jobs. Additionally, only 16% of Americans believe AI will have a positive impact on society over the next two decades, according to a Pew Research survey conducted in June.<\/p>\n
“Like many others, I believe AI could lower employment. But unlike most, I don\u2019t necessarily blame the technology itself. Instead, I worry about the potency of the fear it is generating,” Shiller wrote.<\/p>\n
“Our brains are wired to respond to stories. Narratives floating in a population can affect individuals\u2019 economic decisions,” he continued. “When millions of people make millions and millions of decisions based upon negative expectations, there is a risk that fear can actually help birth the reality.”<\/p>\n
THE AI REVOLUTION THREATENS OFFICE JOBS, BUT REVIVES DEMAND FOR SKILLED TRADES<\/p>\n
Robert Shiller attends the 2019 Forbes 30 Under 30 Summit at Detroit Masonic Temple on Oct. 29, 2019, in Detroit, Michigan. (Taylor Hill \/ Getty Images)<\/p>\n
Much of the negative media coverage around AI centers on speculation over how much it will impact jobs and the economy.<\/p>\n
In late May, Anthropic CEO Dario Amodei told Axios that in the next one to five years, AI could eliminate half of all entry-level white-collar jobs and spike unemployment to as much as 20%. He later expressed uncertainty over the exact timeline.<\/p>\n
The current unemployment rate is 4.3%, up from 4% at the beginning of President Donald Trump’s term in January 2025.<\/p>\n
AI IS TOP REASON FOR US JOB CUTS FOR THIRD STRAIGHT MONTH<\/p>\n
“While the job market has slowed for a host of reasons, there are reports that fear of an AI apocalypse is worsening the freeze and contributing to record lows in consumer sentiment,” Shiller argued.<\/p>\n
A CloudHQ data center in Ashburn, Virginia, on May 31, 2026. (Lexi Critchett\/Bloomberg \/ Getty Images)<\/p>\n
Shiller implied that tech leaders like Amodei, who promote doom-and-gloom scenarios their own companies could help realize, are being somewhat short-sighted and should be reined in to prevent an economic recession.<\/p>\n
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“Perhaps the best we can do is to appeal directly to the leaders of Silicon Valley who have been promoting these negative narratives with such vigor,” Shiller wrote.\u00a0<\/p>\n
He continued: “Surely the resulting media attention highlighting how dangerously powerful your AI model is may help you sell more wares, but it may be far harder to do so in a period of recession. Try not to forget the critical lessons taught by our past.”<\/p>\n
#Nobel #Prizewinning #economist #jobs #fears #produce #negative #outcomes<\/p>\n","protected":false},"excerpt":{"rendered":"
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